Apogem Capital has closed Apogem Private Equity Fund XI at $597 million in total commitments, reaching the fund’s hard cap and continuing its lower middle-market private equity strategy.
Limited partners committed $580 million, while Apogem employees committed an additional $17 million.
The fund received commitments from existing investors and new institutional partners, including public and private pension plans, family offices and RIAs.
Employees of Apogem and parent company New York Life Insurance Company also made commitments to the fund.
Apogem Private Equity Fund XI will invest across emerging fund managers, independent sponsors and direct investments in North America.
The strategy builds on Apogem’s more than 25 years of experience investing in the lower middle market.
The firm believes emerging managers and smaller private equity opportunities can provide diversification and attractive return potential for institutional portfolios, particularly during volatile market environments.
Apogem said activity and distributions in the lower middle market have remained comparatively resilient despite broader macroeconomic uncertainty.
The firm plans to use the fund to pursue opportunities across emerging managers, independent sponsors and direct investments while maintaining its existing underwriting discipline.
The fund benefits from the broader resources of Apogem, which manages approximately $44 billion in private markets assets.
Apogem’s platform spans private credit and private equity and draws on relationships developed across its lower middle-market investment programs over more than two decades.
The company offers strategies including direct lending, private equity funds and co-investments, GP-led transactions, LP secondaries, GP stakes and private real assets.
Apogem has more than 250 professionals, including over 120 investment professionals.
The firm is a wholly owned subsidiary of New York Life through New York Life Investment Management Holdings.
KEY QUOTES:
“We are grateful for the continued support of our longstanding investors and are pleased to welcome new institutional partners to APEF XI. We believe exposure to emerging managers and the lower middle market can add alpha and diversification to institutional private equity portfolios, with the added benefit of resilience in challenging environments.”
Louise Smith, Managing Director and Co-Head of Fund Investments at Apogem Capital
“Despite macroeconomic uncertainty and market volatility, we continue to find compelling opportunities in the lower middle market where activity levels and distributions have remained resilient. APEF XI is positioned to capitalize on the breadth of opportunities we see across emerging managers, independent sponsors and direct investments, while maintaining the discipline that has guided our approach through multiple market cycles.”
Richard Wiltshire, Managing Director and Head of Co-Investments at Apogem Capital
