Leon Black’s Private Equity Firm Apollo Seeks $20 Billion for New Buyout Fund, Report
Leon Black’s private equity firm Apollo Global Management LLC, is seeking $20 billion for its ninth global buyout fund, the biggest pool of capital for private equity deals since the financial crisis, people close to the matter told Bloomberg.
The second-largest asset manager ($191.7 billion), behind Stephen Schwarzman’s Blackstone ($367 billion under management). The New York based private equity Apollo may announce the closing by May.
Carlyle Group LP, lead by David Rubenstein will also be in the market this year with flagship funds.
On Monday KKR, (managed $129.6 billion), led by co-founders and cousins Henry Kravis and George Roberts, announced closed on $13.9 billion for its 12th buyout pool focused on North America.
Apollo gathered $589 billion last year, according to Bain & Co.’s global private equity report published last week. While that’s 2 percent less than in 2015, the industry has continued to raise more than $500 billion every year since 2013, Bloomberg reports.
The New York-based firm, led by founders Leon Black, Josh Harris and Marc Rowan, is returning to the fundraising market
Three years ago Apollo gathered $18.4 billion for its eighth fund to scoop up companies such as ADT Corp., Fresh Market Inc., Diamond Resorts International Inc., Outerwall Inc. and Rackspace Hosting Inc.
“Apollo’s new pool would be the biggest raised by a private equity firm if it exceeds the $21.7 billion gathered by Blackstone Group LP in 2007.” said Bloomberg.Apollo Global Management, Blackstone, Carlyle Group, David Rubenstein, George Roberts, Henry Kravis, KKR & Co., Leon Black, private equity firm, Stephen Schwarzman