Apollo Raises $5.4B for Secondaries Fund, Total Nears $10B

Apollo Global Management has closed its debut secondaries fund, raising approximately $5.4 billion, which exceeded its target and reflects strong backing from a diverse group of global investors such as pension funds and sovereign wealth funds. The fund, part of Apollo’s Sponsor and Secondary Solutions (S3) platform, brings the platform's total capital raised since 2022 to nearly $10 billion. This strategy allows investors to access liquidity early by buying stakes from those seeking to exit private funds or rolling assets into new vehicles, addressing increased demand amid a sluggish dealmaking environment. Apollo's S3 platform offers a range of liquidity and financing solutions, including secondary investments, net asset value loans, and GP lending, aiming to meet the evolving needs of private market sponsors and investors. The firm highlights that record levels of secondary transaction activity in 2024 underscore the market's demand for such dynamic liquidity solutions. Apollo’s leadership credits the successful fundraising to its differentiated approach and the expanding opportunities in private market secondaries.