Apollo considers raising investment limit on flagship fund: report
(Reuters) - Private equity firm Apollo Global Management LLC is considering seeking approval to raise the limit on its new flagship fund following investor interest, Bloomberg reported, citing two people with knowledge of the matter.
Apollo, the firm run by Leon Black, has discussed with investors about getting permission to increase the $15 billion limit on Apollo Investment Fund VIII LP, the people told the agency, after some expressed interest in investing as much as $20 billion.
Apollo had set a target of $12 billion for the fund and the firm may leave the maximum size of the fund unchanged, the report said.
The target amount differs from the limit, known as a hard cap, which is the maximum amount a fund can raise if demand exceeds the target.
Apollo has not completed raising the fund. The investors who have already committed money need to approve a change to the size of the pool. (link.reuters.com/tek63v)
Charles Zehren, a spokesman for Apollo at Rubenstein Associates, declined to comment on the Bloomberg report.
(Reporting by Sakthi Prasad in Bangalore; Editing by Supriya Kurane)
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