Bloomberg said private equity firm Apollo Global Management LLC would be planning to get approval to raise the limit of its new fund. The news agency cited two sources who were familiar with the matter. The sources added that the increase in the limit of the Apollo Investment Fund VIII LP was reportedly due to investor interest.
The firm run by American businessman Leon Black had already talked with investors on getting permission to increase the fund's USD15 billion limit, or hard cap, to USD20 billion. A hard cap means the highest amount a firm could raise should its demand would exceed the target. Bloomberg's report said the fund's initial target was USD12 billion, and would hardly changed by the firm.
Apollo's fund had not been closed for completion. Existing investors had wanted an approval over changing the size of the investor pool.
When asked for comment about the report, Spokesman Charles Zehren of Apollo at Rubenstein Associates refused to provide one.
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