- Apollo’s private equity funds have focused on 3 types of transactions: distressed investments, corporate carve-outs and opportunistic buyouts
- Apollo committed approximately USD880 million of capital to Fund VIII
Apollo Global Management, together with its consolidated subsidiaries, “Apollo”, has announced that it held the final close of its current flagship private equity fund, Apollo Investment Fund VIII, L.P., on December 31, 2013 with USD17.5 billion of commitments from third party investors.
Fund VIII will seek to continue Apollo’s history of successful value-oriented and contrarian private equity investing to achieve superior risk-adjusted rates of return across all economic cycles. Apollo’s private equity funds have focused on three primary types of transactions including distressed investments, corporate carve-outs and opportunistic buyouts.
“We are very grateful for the overwhelming support for Fund VIII, which includes significant commitments from a preeminent global investor base consisting of both longstanding existing limited partners as well as many new investors. Fund VIII benefited from the support of a diversified group of investors, including many public pensions, sovereign wealth funds, corporate pensions, endowments and foundations, funds of funds and high net worth investors”, says Leon Black, Chairman and Chief Executive Officer.
In demonstrating an alignment of interest with its fund investors, Apollo and affiliated investors, including senior professionals, committed approximately USD880 million of additional capital to Fund VIII.
Apollo’s previous flagship private equity fund, Fund VII, which was raised in 2008, has generated annual gross and net internal rates of return of 38% and 29%, respectively, from its inception through September 30, 2013.
Apollo’s private equity segment had assets under management of approximately USD43 billion as of September 30, 2013, and 92 investment professionals around the world.
Apollo is a global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately USD113 billion as of September 30, 2013, in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources.