Apollo Said to Discuss Raising $15 Billion Fund Cap With Clients

Apollo Global Management LLC, the private-equity firm run by Leon Black, is considering seeking approval to raise the limit on its next flagship fund after investors expressed interest in putting in as much as $20 billion, according to two people with knowledge of the matter.

The firm has talked with investors about getting permission to increase the $15 billion limit on Apollo Investment Fund VIII LP, said the people, who asked not to be identified because the deliberations are private. The New York-based firm may leave the maximum size of the fund unchanged, they said.