Apollo Debuts $15 Billion Equity Fund for High Net-Worth Clients

Apollo Global Management Inc. is launching an equity fund that allows high net-worth individuals to invest alongside the firm as the alternative-asset manager expands beyond its traditional client base.

The $15 billion Apollo Aligned Alternatives fund is designed to replace public equity investments by offering exposure to lower-volatility private ones, targeting returns similar to assets held by its Athene insurance unit, filings show. Apollo’s insurance arm has returned about 12% on average over the past nine years on its alternative investments.

The fund is seeded with $10 billion of assets from Athene and $5 billion from institutional investors including Sumitomo ...