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Global Private Equity Weekly Highlights: Aquilius Raises $750M, Apollo and KKR Report Record Q3 2025 Earnings

by | Nov 11, 2025 | Private equity

Global Private Equity Update: Aquilius Closes $750M Fund as Apollo and KKR Post Record Q3 2025 Results – Luxembourg

Top private equity news of the week

Here are three key developments this week that institutional investors, family offices and private-equity stakeholders should note, along with commentary on the implications and potential strategies.

1. Aquilius Investment Partners Raises US $750 m+/US $1.1 bn for Asia-Pacific Real Estate Secondaries

Singapore-based real-estate investment manager Aquilius Investment Partners, founded by former executives from Blackstone and Partners Group, announced that its latest secondaries fund has closed at around US $750 m — while some commentary suggests the combined vehicle (or associated vehicles) may reach US $1.1 bn.

This builds on its debut fund (~US $400 m in 2023) and brings total assets under management (“AUM”) to roughly US $2 bn so far.

What this means for investors
  • The successful raise underscores growing institutional interest in Asia-Pacific real-estate secondaries, especially among LPs (e.g., sovereign wealth funds, pension funds) seeking liquidity solutions in matured or non-core portfolios.
  • Opportunity: For family offices and allocators seeking differentiated exposure to Asian real-estate secondaries, this remains a niche but expanding theme, given the relative scarcity of large dedicated managers in the region.
  • Strategy perspective: Selling LP interests in Asian property funds (as some U.S./European investors rebalance) creates a supply of interests; a dedicated secondaries buyer like Aquilius can step in, potentially unlocking value if exit timelines extend and pricing is favorable.
  • For GPs or funds with Asian exposure, a clear liquidity channel exists; consider GP-led secondaries or co-investment offerings to align with this trend.
Considerations / risks
  • Liquidity: Real-estate secondaries typically have longer realization timelines than traditional buy-outs or private credit.
  • Pricing & vintage risk: Returns hinge on sourcing portfolios with attractive vintages, geographies, and sectors.
  • Macro/regional: Asia real estate is influenced by country-specific dynamics (e.g., China property, local rates, regulation); thorough due diligence on underlying portfolios is essential.

2. Apollo Global Management (APO) Delivers Strong Q3 2025, Bolstered by Asset Management & Retirement Services

Apollo Global Management reported third-quarter results for the period ended September 30, 2025 via its investor-relations site.

Some of the key take-aways
  • Declared a cash dividend of US $0.51 per share for the quarter.
  • Fee-related earnings and spread-related earnings (via the retirement services platform, Athene) remained strong, helping offset headwinds in traditional buy-out exits.
  • Assets under management moved toward the US $900 bn+ mark, supported by substantial inflows.
Implications for investors / allocators
  • Illustrates the value of diversified business models in private markets: asset management, credit origination, and insurance/retirement platforms are now core profit drivers in addition to classic buy-outs.
  • For LPs and family offices, performance is increasingly anchored by recurring fee and spread income, which can reduce cyclicality across market regimes.
  • For fund-of-funds and secondaries investors, greater earnings stability enhances platform resilience but also intensifies competition for allocations.
Strategic considerations
  • Family offices may consider incremental allocations to credit/origination platforms and firms with integrated insurance/retirement businesses—particularly those at the scale of Apollo.
  • If AUM continues toward the US $1 trn range, expect competition for deal flow to rise, potentially pressuring returns while reinforcing platform advantages.
  • Monitor exit dynamics: in higher-rate environments, PE exits are tougher; discipline on hold periods and value-creation plans is critical.

3. KKR & Co. Inc. Posts a Record Quarter: US $43 bn in New Capital, AUM at US $723 bn

KKR reported third-quarter results indicating strong momentum in a challenging fundraising environment.

Highlights
  • Raised US $43 bn of new capital during the quarter — among the largest quarterly totals in the firm’s history.
  • AUM rose to approximately US $723 bn, up ~16% year-over-year.
  • Fee-related earnings reached ~US $1 bn, reflecting strong management-fee growth and inflows across private equity, credit, and infrastructure.
  • Dry powder stood at around US $126 bn, providing significant capacity for new deployments.
Why this matters for investors
  • Despite slower exits and higher rates, KKR continues to attract substantial capital, signaling persistent institutional confidence in scaled alternative platforms.
  • For family offices and allocators, the firm’s diversification across strategies (credit + infrastructure + insurance) supports durable fundraising even through cyclical slowdowns.
  • High dry powder implies future deployment pressure; competition for quality assets may compress returns, increasing the premium on operational value creation.
Strategic take-aways
  • Co-investment and direct deals with large GPs can benefit from scale advantages, but careful attention to alignment (fees, governance, rights) remains essential.
  • Pension funds and family offices may revisit the balance between mega-managers and specialist managers to optimize diversification and potential alpha.
  • Exit optionality is crucial: in today’s environment, managers with disciplined underwriting and multiple paths to liquidity merit priority allocations.

Summary & Strategic Outlook for Family Offices and Pension Funds

  • Scale and diversification matter: Multi-strategy platforms (credit, infrastructure, real estate, insurance/retirement) are best positioned to navigate rate and liquidity cycles.
  • Secondaries growth: The Aquilius raise highlights maturing demand for Asia-Pacific real-estate secondaries. LPs seeking liquidity or reallocation should evaluate pricing, governance, and portfolio quality.
  • Fundraising vs. deployment: With KKR showing robust fundraising and Apollo strong origination, the deployment gap is a central risk. Track manager discipline, fee generation, and exit timing closely.
  • Resilient fee income: Rising fee-related and spread-related earnings can dampen volatility but may compress upside if competition intensifies.
  • Due diligence depth: Scrutinize GP-led vs. LP-led secondaries, vintage discipline, sector/geography risk, exit assumptions, and alignment of interest (fee structure and carry waterfalls).
  • Room for specialization: While mega-managers scale, niche regional and sector specialists can offer differentiated access and terms for sophisticated allocators.

Closing Note
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