Apollo closes number seven on $14.8bn

Fund

Apollo Management has closed its seventh fund at $14.8bn, just short of its $15bn target. Apollo Investment Fund VII took about 16 months to raise and closed in mid-December 2008.

Investors

Investors in the fund include Teacher Retirement System of Texas, California Public Employees' Retirement System, Canada Pension Plan Investment Board, Kuwait Investment Authority, Los Angeles City Employees' Retirement System, Oregon State Treasury, Louisiana State Employees' Retirement System, San Francisco Employees' Retirement System, Portfolio Advisors LLC, Santa Barbara County Employees' Retirement System, San Bernardino County Employees' Retirement Association, New Mexico Educational Retirement Board and Los Angeles Fire and Police Pensions. A GP contribution of 2.5% of the money raised has been reported in the financial press.

Investments

The fund will execute classic and distressed buyouts of companies in the mid- and large-cap market and in franchise assets. About 20-25% of the fund is already invested with the main focus on credit securities.

People

Leon Black is the founder of Apollo. The firm specialises in buyouts and distressed deals. The firm's fundraising has grown from $400m at its inception in 1990 to $10bn in its last fund.

Name: Apollo Investment Fund VII

Target: $15bn

Closed on: $14.8bn

Focus: Buyouts, distressed companies

Address: Apollo Investment Corporation

9 West 57th Street

New York, NY 10019

Tel: +1 212 515-3450.

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