Apollo’s Kelly Sees Athene Co-Investment Fund as Fuel for Growth

Apollo Global Management Inc. Chief Financial Officer Martin Kelly said the sidecar fund that allows outside capital to invest alongside the firm’s Athene insurance arm is a key part of the unit’s future growth.

The alternative-asset manager expects to raise $4 billion to $5 billion for the latest vintage of its ACRA fund, he said Thursday at a financial-services conference sponsored by Bank of America Corp.

“You can take a dollar of ACRA capital and a dollar of Athene capital, pair them together, which will support about 10 times that amount of liability growth, and on the same management fees,” ...