Private equity major Apollo Management LP has reportedly closed its latest Apollo Investment Fund VII LP at $14.8 billion. The fund remained just shy of its $15 billion target. Apollo's last fund was of size of $10 billion. Besides this, Apollo is also said to be raising a $500 million hedge fund to trade copper, gold and mining stocks.

The fund has been raised at a time when buyouts funds are said to be losing flavour with limited partners (LPs). Apollo has also been suffering as its portfolio companies have taken a beating and its portfolio firm 'Linens N Things' has filed for bankruptcy.

Apollo set up its shop in India last year with appointment of Mintoo Bhandari to head the country's operations, who was till then a partner at the UK unit of Apollo Management. Apollo Management's real estate investment arm, Apollo Real Estate Advisors, currently runs a $650 million real estate private equity fund in India in partnership with Delhi-based Khemka family's SUN group.

Apollo Management was founded in 1990 by Leon Black. The firm is focused on private equity and leveraged buy outs with investments in underperforming companies and distressed assets.

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