Apollo mulls raising investment limit on global fund - report

According to Bloomberg, the firm has discussed raising the hard-cap of $15 billion on Apollo Investment Fund VIII after LPs indicated they would be willing to commit as much as $20 billion. The New York-based firm had initially set a target of $12 billion and may yet leave the maximum size of the fund untouched.

The fund reached a first close of about $6.8 billion in July. At the same time it was announced Apollo had agreed to return all transaction fees from the fund's deals to investors, having proposed an 80% share when it started marketing last year.

Apollo's previous fund, which closed at $14.7 billion in 2008, offered investors 68% of transaction fees.

Should Apollo reach its target with Fund VIII, it would exceed recent fundraises by Warburg Pincus ($11.2 billion), Silver Lake ($10.3 billion) and Apax Partners (EUR5.8 billion, $7.5 billion). It may also surpass the EUR10.5 billion raised for CVC Capital Partners VI in July.

While Silver Lake and CVC exceeded their targets, Warburg Pincus and Apax fell short.

The Carlyle Group has already raised the roof on its flagship fund, having pushed past its original $10 billion target last month with $11.1 billion raised. Carlyle Partners VI is slated for a final close next month with a revised hard cap of $12.5 billion.

Blackstone Capital Partners VI, which closed at $16.1 billion in January 2012 after about four years on the road, remains the largest post-global financial crisis fundraise.

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• Topics
• GPs
• Fundraising
• Buyout
• Fundraising
• buyout
• CVC Capital Partners
• The Carlyle Group
• Apollo Global Management
• Warburg Pincus Asia
• Silver Lake
• Apax Partners