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In brief: Apollo hints at transition fund

‘We would expect to see a dedicated fund... in due course,’ says co-president Scott Kleinman.

Apollo Global Management is mulling a dedicated energy transition fund “in due course”, co-president Scott Kleinman said at Apollo’s Investor Day last week. “GP solutions, energy transition – these are all things where we have expertise. We’re doing deals today out of existing pockets and would expect to see dedicated funds in those areas in due course,” Kleinman said, according to a transcript from the event.

“It’s really about where we see big market opportunities where we can either bring the Apollo expertise in places like GP solutions, or acquire the expertise but bring in Apollo approach to it.”

Apollo appointed its first chief sustainability officer earlier this month. It is targeting $1 billion for its first impact fund and $3.5 billion for its second Infrastructure Opportunities fund. And it is investing its third Natural Resources Partners fund, which has raised $1.4 billion after launching in 2018 with a $4 billion target, according to affiliate title Private Equity International’s database.