Apollo announced the final close of Apollo Hybrid Value Fund III, raising approximately $6.5 billion in total commitments from a global group of institutional and wealth investors. The investor base included pension funds, sovereign wealth funds, insurance companies, endowments, and other institutional investors.
The Hybrid Value strategy focuses on providing flexible capital solutions positioned between traditional debt and equity investments. Apollo said the strategy primarily targets structured equity opportunities, including preferred and convertible securities, while also supporting growth initiatives, acquisitions, shareholder liquidity, and balance sheet optimization.
According to the company, the strategy is designed to provide downside protection alongside equity participation opportunities for investors. Apollo added that the Hybrid Value franchise has been built around delivering customized partnership capital solutions at scale.
Apollo Hybrid Value Fund III follows the firm’s earlier hybrid value funds, including Apollo Hybrid Value Fund I, which closed at $3.3 billion in 2019, and Apollo Hybrid Value Fund II, which closed at $4.6 billion in 2022. Apollo said its broader hybrid investment ecosystem continues to expand through growing capital commitments across hybrid strategies.
The company also said it believes hybrid investment strategies provide an attractive risk-reward framework during periods of elevated market uncertainty and economic volatility.
Apollo is a global alternative asset manager with approximately $938 billion in assets under management as of December 31, 2025. The firm invests across investment-grade credit, private equity, retirement services, and hybrid capital strategies.
KEY QUOTES:
“We are grateful for the strong support from both new and existing investors in HVF III, which we believe reflects continued confidence in our strategy and track record. We have built the Hybrid Value franchise to deliver bespoke, partnership capital at scale and we remain focused on generating attractive risk-adjusted returns for our investors.”
Jason Scheir, Partner And Head Of Hybrid Value, Apollo
“We believe hybrid strategies offer a compelling risk-reward framework for investors as they navigate market cycles and the current period of elevated uncertainty. Our ability to provide scaled, flexible capital, combined with the strength of our integrated platform, positions us to be the partner of choice for many of the world’s leading companies and sponsors.”
Matt Nord, Co-Head Of Private Equity And Head Of Hybrid, Apollo
