New Apollo Fund Highlights Changing Tactics For PE

The founder of CEO private equity (PE) giant Apollo Management, Leon Black, said on January 23 that the company had closed its latest fund in mid-December at US$14.8bn, just short of the US$15bn target. The new 'Fund VII', which took around 16 months to close, will target classic, distressed and management buyouts of mid- to large-cap companies, as well as distressed debt and assets. The closure comes at a time when fundraising is proving increasingly difficult for private equity firms. Carlyle Group, for example, recently closed its 'Carlyle Partners V LP' fund at US$13.7bn, a figure that fell short of the US$15bn target, while the Blackstone Group has been busy lowering expectations surrounding its own fundraising efforts.

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