Apollo Targets $2 Billion for Next Credit Secondaries Fund

Apollo Global Management Inc. is preparing to start fundraising for its next fund dedicated to secondary credit investments.

The firm is targeting about $2 billion for its second credit secondaries fund, according to people with knowledge of the matter, who asked not to be identified discussing confidential information. The firm is expected to begin formally marketing the fund by the end of the quarter, the people said.

Apollo declined to comment.

The firm launched its credit secondaries platform in April 2021 with $1 billion of assets under management. The asset class — which involves buying stakes in debt funds at ...