Apollo seeking to raise US$3b for its new natural resources fund

Boston

PRIVATE equity firm Apollo Global Management, LLC is seeking to raise as much as US$3 billion for its new natural resources fund, Apollo Natural Resources II, LP, according to documents seen by Reuters.

New York-based Apollo, which has US$163 billion in assets, is launching the new fund because a slump in commodities prices has created fresh investment opportunities in energy, mining and agriculture, particularly in North America, according to Apollo's presentation as well as an executive summary done by Wells Fargo.