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Apollo Seeks $25 Billion for Next Flagship Buyout Fund

  • The firm will start formally marketing fund early next year
  • Insurer Athene is expected to invest in fund alongside Apollo
Marc Rowan

Marc Rowan

Photographer: Patrick T. Fallon/Bloomberg 

Apollo Global Management Inc. is targeting $25 billion for its next flagship buyout fund as it prepares to compete with private equity firms raising record sums.

The firm plans to set a goal that’s slightly more than the $24.7 billion gathered in 2017, said people familiar with the plans, who asked not be named because the information is private. Apollo expects to start formally marketing its 10th fund early next year and hold an initial close in the first half of 2022, one of the people said.