Apollo Global Management closed its latest flagship private equity fund, Apollo Investment Fund VIII, at $18.4 billion on Dec. 31, the alternative investment firm announced.
The total asset figure includes roughly $880 million committed by Apollo executives. It is the largest private equity fund raised by Apollo and the largest buyout fund raised since the 2008 recession. Apollo declined to provide information on the new fund's fundraising target or how long the fund has been in the market, Charles V. Zehren, Apollo spokesman, said in an e-mail.
The fund will invest primarily in distressed investments, corporate carve-outs and opportunistic buyouts.
Investors in the fund include the $18.5 billion San Francisco City and County Employees' Retirement System, $14.4 billion Kansas Public Employees Retirement System, $13 billion Los Angeles City Employees' Retirement Association, and $10.4 billion New Mexico Educational Retirement Board.
