Paul, Weiss advised Apollo on the second flagship fund by its Hybrid Value business with $4.6 billion in commitments. Apollo Hybrid Value Fund II received strong support from both new and existing limited partners committing to the all-weather strategy, which seeks to provide flexible equity and debt capital solutions to companies.

The fund’s $4.6 billion in commitments is an increase of more than 40% over Hybrid Value Fund I, which raised $3.3 billion in 2019. The Hybrid Value team’s strong focus on structuring capital preservation, attractive yield and equity upside has made the strategy particularly attractive to insurance companies, sovereign wealth funds, pension funds, endowments and other institutional clients and individuals.

The Paul, Weiss team included corporate partners Matthew Goldstein and Marco Masotti and counsel David Levine and Femi Austin; tax partners Brian Grieve and Brad Okun; and executive compensation counsel Jake Glazeski.