Apollo Is Said to Seek Up to $12 Billion for Flagship LBO Fund

Apollo Global Management LLC, the private-equity firm run by Leon Black, plans to seek $10 billion to $12 billion for a new buyout fund, according to two people briefed on the matter.

The firm’s eighth main private-equity fund would be smaller than its predecessor, which raised almost $15 billion in 2008. The New York-based firm, which was founded in 1990, expects to formally start marketing the fund later this year, said one of the people, who asked not to be identified because the information is private.