Apollo Seeking $1.1 Billion

Apollo Management is planning to raise up to $1.1 billion via a private placement on a new private stock market being developed by Goldman Sachs, according to The Financial Times. News of the offering has been around for a while, but FT is the first to report that Apollo would sell around a 12.5% stake, which would value the firm at up too $8.8 billion. This means Apollo plans to offer itself up at 10x expected 2008 earnings, as opposed to the 20x mark Blackstone Group used when going public.