Apollo Raises $6.5 Billion for Hybrid Debt-Equity Strategy

Apollo Global Management Inc. amassed $6.5 billion for the third iteration of a fund that will provide financing that sits between credit and private equity, a key piece of the firm’s broader $100 billion hybrid business.

The fundraising kicked off about a year ago, according to people familiar with the matter. It ultimately surpassed the initial targeted range of $5 billion to $6 billion, one of the people said, asking not to be identified discussing confidential details.