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Apollo Dials Back $25 Billion Goal for Flagship Buyout Fund

  • Firm expects to raise “low $20 billion range” for Fund 10
  • PE fundraising has been pressured by industry-wide slowdown
Scott Kleinman, co-president of Apollo

Scott Kleinman, co-president of Apollo

Photographer: Lauren Justice/Bloomberg
Updated on

Apollo Global Management Inc. expects commitments for its 10th flagship private equity fund to reach the “low $20 billion range,” falling short of the buyout giant’s earlier $25 billion target.

The fund received $16 billion of commitments through March 31, with a final close expected in the summer, Apollo Co-President Scott Kleinman said on an earnings call Tuesday, after the firm reported a sharper-than-expected drop in first-quarter profit.