LONDON (Reuters) – New York-based private equity company Apollo Management [APOLO.UL] had been forced to drop plans to raise an annex fund, after some of its backers opposed the plan, the Financial Times reported on Monday on its website.
The on-line report cited people familiar with the situation. Apollo was not immediately available for comment.
It said Apollo floated the idea of raising an annex fund at an investor meeting this year, but it faced opposition from institutions with about a quarter of its capital.
Annex funds provide extra money to supplement the existing venture capital funds. (Reporting by Cecilia Valente, Editing by Carol Bishopric)