Apollo S3 Private Markets Fund

Apollo S3 Private Markets Fund (ASPM) is a perpetual open-ended tender-offer fund registered under the US Investment Company Act of 1940, managed by Apollo Global Management, one of the world's largest alternative asset managers with approximately USD 730 billion in assets under management. Launched in October 2024, ASPM provides accredited US investors with diversified access to multi-asset secondary investments across private equity, private credit, and other private asset classes. The fund operates as part of Apollo's broader Sponsor and Secondaries Solutions (S3) platform, which raised approximately USD 10 billion in total capital since its inception in August 2022, making Apollo one of the fastest-growing managers in the secondaries space.

ASPM's portfolio is structured to hold approximately 60% in equity secondaries, 20% in credit secondaries, 10% in cash and liquid securities, and 10% in other private investments. The strategy allocates approximately 60% of exposure to GP-led secondary transactions — including fund recapitalizations, continuation vehicles, and preferred equity — and 40% to LP-led secondary purchases. Geographically, the fund maintains a North American bias (approximately 75%), with the remainder deployed across Europe (approximately 15%) and other international markets. The evergreen, semi-liquid structure eliminates the traditional J-curve effect associated with closed-end private markets funds, with quarterly tender liquidity available to investors. The fund is accessible to accredited US investors through the registered 1940 Act vehicle format.

Apollo S3 Private Markets Fund reported a return of +18.3% for the full calendar year 2025, its first complete year of operations. The fund's performance is supported by Apollo's integrated sourcing capabilities across its private equity, credit, and real assets businesses. Apollo's flagship closed-end equity secondaries drawdown vehicle, Apollo S3 Equity and Hybrid Solutions Fund I (ASEHS), closed at approximately USD 5.4 billion in commitments — exceeding its target and representing one of the largest debut secondaries funds in the firm's history — with support from pension funds, sovereign wealth funds, financial institutions, and the wealth management channel.