Apollo aims for $1B for third real estate fund

Private equity firm holds talks with investors

Nov.November 20, 2018 02:30 PM

Leon Black of Apollo Global Management (Credit: Getty Images)

Apollo Global Management plans to start raising a new real estate investment fund.

The private equity company has held talks with potential investors for what would be its third property fund, Bloomberg reported. It plans to raise at least $1 billion starting in January for the fund, which will invest in retail properties, industrial properties, senior housing, manufactured housing and hotels.

Apollo’s real assets unit had $15.4 billion under management at the end of the third quarter, according to Bloomberg.

The company’s real estate debt arm recently agreed to fund Brookfield Property Partners’ redevelopment of 666 Fifth Avenue with a $300 million-plus mezzanine loan. [Bloomberg] — Konrad Putzier

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