Apollo Targets at Least $6 Billion for Third Hybrid Value Fund

Apollo Global Management Inc. aims to raise at least $6 billion for a strategy that provides financing that sits between debt and equity, according to people familiar with the matter.

This will be its third Hybrid Value Fund.

Apollo’s $13 billion Hybrid Value business, co-headed by Rob Ruberton and Jason Scheir, offers investors higher returns — and risk — than traditional forms of debt while stopping short of full company buyouts, according to the firm’s website. The strategy gained 15.4% last year.

A spokesperson for Apollo declined to comment.

New York-based Apollo raised $4.6 billion in 2022 ...