Apollo Management, a US alternative assets firm, has raised $1.5bn (€1.2bn) for a listed buyout fund, $1bn less than the maximum it could have raised, and $3.5bn less than rival Kohlberg Kravis Roberts secured last month with a similar vehicle.

The Apollo buyout fund, like KKR's, will be listed on Euronext Amsterdam, could have sized up to $2.5bn, but bankers working on the deal said demand was not strong enough to allow them to do this.