Apollo looking to raise up to $12bn

The New York-based firm should start formally marketing the fund later in 2012, Bloomberg reported.

Apollo's previous vehicle, Apollo Investment Fund VII, closed on $14.8bn, just short of its $15bn target, in mid-December 2008. The fund took about 16 months to raise. From its inception through to June 30, 2012, it generated an annual gross and net IRR of 33% and 23% respectively.

The group is not the only large-cap player aiming to downsize its latest vehicle: Apax Partners is understood to be targeting an overall €9bn for its eight buyout fund – some way off the €11.2bn it raised for Apax VII in 2008. The PE house held a first close for the fund on €4.3bn in March.

Apollo made its most recent European investment in December last year, when it acquired Belgium-based chemical company Taminco from CVC for about €1.2bn.

The private equity group listed its shares on the New York Stock Exchange in March 2011 at $19 per share, in an IPO that valued the business at approximately $6.9bn. Apollo shares now trade at around $13, giving the company a $4.55bn market cap.

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• Topics
• Buyout
• Apollo Investment Corporation