Apollo Global Management (NYSE: APO) announced the final close of its Apollo Hybrid Value Fund III, raising approximately $6.5 billion in total commitments. The fund attracted investors including pension funds, sovereign wealth funds, insurance companies, endowments and other institutional and wealth investors.

The Hybrid Value strategy invests in structured equity opportunities, including preferred and convertible securities. The strategy provides capital solutions to support growth initiatives, acquisitions, shareholder liquidity and balance sheet optimization while seeking downside protection and equity participation for investors.

"We are grateful for the strong support from both new and existing investors in HVF III, which we believe reflects continued confidence in our strategy and track record," said Jason Scheir, Partner and Head of Hybrid Value at Apollo.

This fund represents the third in Apollo's Hybrid Value series. Apollo Hybrid Value Fund I closed at $3.3 billion in 2019, while Apollo Hybrid Value Fund II closed at $4.6 billion in 2022.

"We believe hybrid strategies offer a compelling risk-reward framework for investors as they navigate market cycles and the current period of elevated uncertainty," said Matt Nord, Co-Head of Private Equity and Head of Hybrid at Apollo.

As of December 31, 2025, Apollo had approximately $938 billion of assets under management. Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Apollo in connection with the fund closing.

The information is based on a company press release statement.