Apollo broadly cuts its investment management into three buckets driven by expected returns. Yield, Hybrid, and Equity. Today Apollo announced that that it closed its second Hybrid Value fund at $4.8B, roughly 40% larger than its prior fund 1 vintage at $3.3B which closed in 2019. I would love to know how large Athene’s commitment to the fund was relative its prior commitment.
After the Epstein drama, there is a lingering shadow over how fundraising for its flagship $25B private equity vehicle will go. An investor I spoke to last week had demonstrable timidity regarding certainty of the $25B upcoming fundraise. This is counter to management commentary so I find it interesting.
While a solid Hybrid Value fundraise isn’t indicative of a solid upcoming flagship PE fundraise, it doesn’t hurt.
Disclosure: I own shares of Apollo Global, this is not investment advice, do your own work.