Apollo Global Management said on Thursday it had completed fundraising for its latest flagship global private equity fund, amassing $17.5 billion from investors, the most any such fund has raised since the financial crisis.
In their hunt for yield amid persistently low interest rates, investors who fell out of love with private equity and its debt-fueled excesses in the aftermath of the 2008 crisis are now increasing allocations to the asset class.
Global private equity fundraising throughout 2013 totaled $431 billion, up 13 percent on 2012, market research firm Preqin said last week.
Apollo's peers have also benefited. Carlyle Group finished raising a $13 billion U.S. buyout fund in November; KKR & Co. is wrapping up fundraising for its latest North American fund with more than $8.3 billion; Warburg Pincus closed on a $11.2 billion global fund last May and technology-focused Silver Lake has clinched $10.3 billion.
The largest private equity fund in history remains Blackstone Group's $21.7 billion fund that was raised in 2007.