Apollo raises $2.8bn

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Apollo Global Management has raised $2.8 billion to date for its Apollo European Principal Finance Fund III, according to a SEC filing. The New York-headquartered firm has set a $3.5 billion target and began fundraising in 2016. The SEC filing did not disclose whether the capital raise constituted a final or interim close.

Its previous fund raised €3.6 billion in 2012.

Investors that committed to Apollo European Principal Finance Fund III include the Pennsylvania Public School Employees' Retirement System, the Teachers' Retirement System of Louisiana and the State of Wisconsin Investment Board.

The fund will target distressed debt opportunities in financial services sectors in Europe.