Apollo Global Management has plans to launch a third U.S. real estate fund, seeking $1 billion in equity commitments, according to Bloomberg, citing people familiar with the matter.
The U.S. real estate fund aims to deliver gross returns, or returns before fees, of 18 percent by investing in industrial, senior housing, hotels, manufactured housing and grocery-anchored retail properties and companies.
Apollo’s Fund II closed in 2016, raising $771 million of equity.
