Apollo Said to Consider Scaling Back Latecomers to Fund

Apollo Global Management LLC, the private-equity firm run by Leon Black, is telling prospective investors their commitments might get scaled back if they wait past October to invest in its next flagship fund, according to two people familiar with the matter.

The pool, Apollo Investment Fund VIII LP, plans to close on $9.5 billion by early September, ten months after it started raising money, said the people, who asked not to be identified because the information is private. New York-based Apollo initially sought $12 billion for the fund and later told investors it would limit the size to $15 billion, people familiar with matter said in June.