US alternative investments firm Apollo Management revealed it had raised $12.5bn (€7.9bn) of the $15bn target for its latest fund in a regulatory filing for the general partner's planned flotation.

The filing showed its latest private equity fund, which is its seventh, has raised $3bn since the end of 2007 and that the gross amount of cash made per year on all its investments is 40%, although this drops to 29% net after performance and other fees are factored in.