Apollo Raises Seventh Fund At $14.8 Billion
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Apollo Raises Seventh Fund At $14.8 Billion

By Madhav A Chanchani

  • 27 Jan 2009

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.

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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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