Apollo Said to Seek $1.5 Billion for Natural Resources Fund

Apollo Global Management LLC, the private-equity firm founded by Leon Black, aims to raise as much as $1.5 billion for a fund that will invest in natural resources, said a person familiar with the matter.

The pool will make long-term bets on metals, mining and energy prices, according to the person, who spoke on condition of anonymity because the plans aren’t public. New York-based Apollo is touting its record running companies including Noranda Aluminum Holding Corp., Metals USA Holdings Corp. and Parallel Petroleum to pitch prospective backers, the person said.