Apollo fundraising for new financial credit fund

The last fund in this series brought in $1.5bn.

Apollo Global Management is back in the fundraising market looking to drum up money for its financial credit fund series, the company has disclosed in regulatory documents.

The New York-based financial firm filed two forms Ds with the US Securities and Exchange Commission on Friday (17 June) showing the firm is looking to raise capital for its Financial Credit Investment III and FCI Co-Investors III (A) funds. The filings did not disclose a fundraising goal and the company declined to provide a target.

Earnings results for Apollo from the 2016 first-quarter showed that the Financial Credit Investment II had listed committed capital of $1.5 billion. The first Financial Credit Investment fund brought in $559 million of committed capital.

The fundraising comes amid what Apollo co-founder Leon Black (pictured) sees an uncertain market.

 “[W]hat we see today is it’s very hard to be an aggressive investor with convictions,” Black said speaking before the Teachers Retirement System of Texas board last week. He went on to cite uncertainty, including the possibility of Great Britain exiting the European Union and the US presidential election.

“How to traverse all of that? What is our secret sauce? Our secret sauce, frankly, is to stick to our discipline of being a value investor,” Black said, noting it is “easier said than done.” “What we’ve tried to do in our 26 years is develop multiple pathways to be able to do that in differing environments,” he added.

The new fundraising efforts for Apollo’s two new funds come as the investment house began raising money last month for its third European debt fund, which will buy debt from stressed asset managers, banks and large institutional investors.

Apollo manages $173 billion worth of assets and invests in private equity, credit and real estate.