Apollo Global ManagementLU2582104258Class A2 USD
Apollo Aligned Alternatives replicates Apollo's balance-sheet strategy — a hybrid portfolio across equity and debt positions in which the group itself is invested, as a Luxembourg Part II SICAV, launched in 2023, with no performance fee.
Monthly subscription; quarterly redemption with two months' notice, and the quarterly gate is measured across all parallel vehicles. No lock-up, no discount.
Subscription from EUR 25,000, for professional and retail investors depending on the country; not registered for distribution in Germany.
The alignment argument — investors invest alongside the Apollo balance sheet — is unique in the field, as is the absence of any performance fee; the long order lead time is the quiet price the comparison makes visible.
Figures for class A2 USD (LU2582104258) · product data 25 Sep 2026 · sources: prospectus (as at 1 Jun 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Jun 2023, the unit price has gained 8.2% per year. The series is monthly; valuations of private holdings arrive quarterly and smoothed — the line is therefore calmer than the risk.
38 monthly values, 36 derived from monthly returns · Source: secondary source (data portal) · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since Apr 2023; a reliable NAV series of the class is available from Jun 2023.
What the prospectus permits: Core and traditional PE, private credit, real assets; equity, structured equity, senior debt, secondaries, preferred
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
130 holdings; the five largest account for 38.0% of the fund. 3.3% is held in the liquidity reserve — enough for 2 months of maximum redemptions.
Among the ten largest: 7 equity holdings, 2 primary funds, 1 loan.
Diversified exposure to Apollo’s structured equity strategy, which provides senior preferred or hybrid equity with a contractually agreed minimum return to companies.
Diversified exposure to Apollo’s opportunistic credit strategy, which invests in corporate credit in special situations, refinancings and periods of market stress.
Wheels is a North American fleet management and fleet leasing provider based in Illinois that finances and manages corporate vehicle fleets.
Aqua Finance (Wausau, Wisconsin) is a US consumer lender that provides secured installment loans for larger purchases such as home improvement …
Redding Ridge Asset Management is a CLO manager founded by and affiliated with Apollo that manages senior secured leveraged loans and structures them into collateralized loan obligations …
Diversified exposure to Apollo’s flagship private equity funds, which acquire majority stakes globally through buyouts, corporate carve-outs and distressed situations.
MidCap Financial, headquartered in Bethesda (Maryland), is a provider of senior credit solutions focused on the US middle market, including asset-based lending …
Aegis Asset Finance is a pan-European leasing and asset finance platform that provides equipment and fixed-asset financing to small and mid-sized businesses.
First fund of the opportunistic, return-oriented secondaries strategy of Apollo S3 (Sponsor and Secondary Solutions).
UK mortgage originator focused on buy-to-let loans to professional landlords, secured by residential rental properties.
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; holdings as at 30 Jun 2026, reserve as at 31 Jul 2026; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
Cost figures of the main class according to provider documents. There is no performance fee.
For 25,000 USD, no charge on purchase.
Based on the PRIIPs key information document of class A2 USD, hence comparable across providers.
Units can be subscribed monthly. The price is the NAV at the end of the previous month — it is not known when the order is placed and is published only 25 business days later.
5 business days before Dealing Date, 17:00 CET
Notice period may be waived at the discretion of the Administrator.
Price = NAV at the end of the previous month.
Valuation Day = last business day of the calendar month.
pre-funding: 4 business days before dealing day
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Dealing day | 1st business day of the month |
| Cut-off | 5 business days before dealing day · 17:00 CET · (before the anchor date) |
| Price | previous month-end |
| NAV publication | Valuation Day = last business day of the calendar month; NAV per share available approx. on the 25th business day after the Dealing Date of the month. |
| Payment | pre-funding: 4 business days before dealing day |
| Minimum investment | EUR/USD/GBP/CHF 25,000; AUD/SGD 35,000; JPY 4,000,000; M,N 500,000 |
| Subscription limit | Acceptance, rejection or deferral to a later Dealing Date at the discretion of the Board; no quantitative cap |
| KYC / documents | 5 business days before Dealing Date, 17:00 CET |
| Business day | banks open for business in Luxembourg, the United Kingdom and the United States (p. 20) |
Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
Units can be redeemed quarterly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Gate basis: the lowest monthly NAV within the immediately preceding calendar quarter, fund plus parallel …
Price = NAV per share on this day.
5% of the aggregate NAV per calendar quarter, measured without double counting across the sub-fund and all …
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 153 days from decision to cash.
Rank 31 of 112 · rank 9 of 15 in Multi-Asset · no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 1 Jun 2026 · score run 16 Oct 2026 · How 153 days become 39 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | quarterly |
| Valuation day | quarter-end |
| Notice | 60 calendar days before redemption day · 17:00 CET |
| Price | quarter-end |
| Payout | 30 business days after redemption day |
| Gate | 5% net of NAV per quarter |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | 0% |
| Lock-up | none |
| Suspension | material detriment to the fund/investors; NAV suspension; protection of remaining investors |
| Liquidity tools | Suspension of NAV and redemption, quarterly gate 5% net, pro-rata scale-back, redemption in kind, liquidity reserve and credit line. |
| Switch / transfer | permitted with the consent of the Board; silence within 30 calendar days is deemed a refusal |
| Compulsory redemption | Prohibited Person; falling below the minimum holding or the eligibility criteria; early compulsory repurchase once all investments have been sold |
5% of the aggregate NAV per calendar quarter, measured without double counting across the sub-fund and all Parallel Vehicles; portions of NAV attributable to holdings subject to a lock-up are excluded from the calculation basis. The board of directors may permit a higher amount.
The gate of 5% per calendar quarter is measured not against the sub-fund alone but on an aggregated basis and without double counting across the sub-fund and all parallel vehicles; NAV attributable to units subject to a lock-up is disregarded in the basis of assessment.
Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
20 classes. All cost and risk figures on this page refer to the basis class A2 USD.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Prospectus | 1 May 2026 | — |
| NAV series secondary source (data portal) | 28 Aug 2026 | Performance (01) |
| Positions and reserve | 30 Jun 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption quarterly, notice period 60 calendar days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 153 days from decision to cash under the prospectus deadlines; a gate is not factored in.
25,000 USD in class A2 USD.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Apollo Aligned Alternatives. Under the prospectus a gate of 5% per quarter applies.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.