Apollo Builds $5 Billion Multi-Strategy Fund With 30-Year Life

Apollo Global Management Inc. has built a $5 billion multi-strategy credit fund with a 30-year maturity as private capital firms increasingly look for novel ways to attract insurance-industry cash.

The fund is bundling together different types of investment-grade credits, including publicly-traded bonds and private debt, but also has scope for some leveraged deals, people with knowledge of the matter said, asking not to be identified because they aren’t authorized to speak publicly.

Apollo’s product is similar to a rated feeder, which packages stakes in credit funds into bonds of varying risk and return, making it cheaper for insurers to ...