Risk Factors

Prospective investors should be aware that an investment in the Fund entails substantial risks, including but not limited to those listed below. Prospective investors should carefully read the Fund’s Offering Materials for complete information on the risks of investing in the Fund in determining whether an investment in a Fund is suitable. Prior to investing, prospective investors should consult with their own tax and legal advisors.

• Potential Loss of Investment. No guarantee or representation is made that the Fund’s investment strategy will be successful. An investment in the Fund could require a long-term commitment, with limited liquidity and the risk of loss of capital. Such an investment is speculative and involves a high degree of risk. Investors must have the financial ability, sophistication, experience and willingness to evaluate the merits and bear the risks of such an investment. Such an investment is not suitable for all potential investors. Investors could lose part or all of an investment, and the Fund could incur losses in markets where major indices are rising and falling. Only qualified eligible investors could invest in the Fund. Results could be volatile. Accordingly, investors should understand that past performance is not indicative nor a guarantee of future results.
• Volatile Markets. Difficult market or economic conditions could adversely affect the Fund’s performance. Market prices are difficult to predict and are influenced by many factors, including, but not limited to changes in interest rates, government intervention and changes in national and international political and economic events. Private equity transactions, as applicable, may result in new enterprises that are subject to very high volatility, require time for maturity and may require additional capital. The performance of the Fund is based on a number of assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change.
• Legal, Tax, Regulatory, and Political Risks. The Fund is not registered under the Investment Company Act of 1940. As a result, investors will not receive the protections of the Investment Company Act afforded to investors in registered investment companies (e.g., mutual Funds). The Fund’s offering documents are not reviewed or approved by federal or state regulators and the Fund’s privately placed interests are not federally or state registered. In addition, the Fund could engage in trading on non-US exchanges and markets that may exercise less regulatory oversight and supervision over transactions and participants in transactions. Investments in companies organized or headquartered or with substantial operations outside the US, including investments in securities of issuers outside the US, could involve foreign exchange, political, social, economic and tax uncertainties and risks. Generally, legal, tax and regulatory changes (including changing enforcement priorities, changing interpretations of legal and regulatory precedents or varying applications of laws and regulations) could adversely affect performance of the Fund. Changes in the political environment and the potential for governmental policy changes and regulatory reform could impact the performance of an investment.
• Reliance on Key Personnel. Apollo and/or its affiliates have total trading authority over the Fund and will be subject to various conflicts of interest. The success of the investment could depend in large part upon the skill and expertise of certain Apollo professionals. Such professionals could be subject to various conflicts of interest and will from time to time work on other projects or products for Apollo and or its affiliates. The death, disability or departure of  certain individuals affiliated with Apollo may have a material effect on the Fund.
• Potential Conflicts of Interest. There will be occasions when Apollo and its affiliates will encounter potential conflicts of interest in connection with their activities including, without limitation, the activities of Apollo and key personnel, the allocation of investment opportunities to investors, conflicting fiduciary duties and the diverse interests of the Apollo-managed funds’ limited partner group.
• Fees and Expenses. The Fund is subject to substantial charges  for management, performance and other fees regardless of whether the Fund has a positive return. Please refer to the Fund’s prospectus or other governing documents for a more complete description of risks and a comprehensive description of expenses to be charged to the Fund.
• Lack of Operating History. The Fund has little or no operating history.
• Limited Liquidity. Investments in the Fund can be less liquid or illiquid and there could be significant restrictions on transferring interests in the Fund. No secondary public market for the sale of the Fund’s interests exists, nor is one likely or expected to develop. In addition, interests will not be freely transferable.
• Valuation Risk. The net asset value of the Fund may be determined by its manager, adviser or general partner, as applicable, or based on information reported from underlying portfolio companies. Certain portfolio assets could be illiquid and without a readily ascertainable market value. Valuations of portfolio companies could be difficult to verify.
• Use of Leverage. The Fund could utilize leverage and could also invest in forward contracts, options, swaps and over-the-counter derivative instruments, among others. Like other leveraged investments, trading in these securities and instruments could result in losses in excess of the amount invested.
• Concentration. The Fund could hold only a limited number of investments, which could mean a lack of diversification and higher risk.
• Due Diligence. The due diligence process undertaken in connection with investments by the Fund may not reveal all facts that could be relevant in connection with an investment.
• Counterparty and Bankruptcy Risk. Although Apollo will attempt to limit the Fund’s transactions to counterparties which are established, well-capitalized and creditworthy, the Fund will be subject to the risk of the inability of counterparties to perform with respect to transactions, whether due to insolvency, bankruptcy or other causes, which could subject the Fund to substantial losses.
• Tax Risks. Investors in the Fund are subject to pass-through tax treatment of their investment. Since profits generally will be reinvested in the Fund rather than distributed to investors, investors could incur tax liabilities during a year in which they have not received a distribution of any cash from the Fund.
• Possible Delays in Reporting Tax Information. The Fund’s investment strategy could cause delays in important tax information being sent to investors.
• Epidemics, Pandemics, Outbreaks of Disease and Public Health Issues. Apollo’s business activities as well as the activities of the Issuer and their respective operations and investments could be materially adversely affected by outbreaks of disease, epidemics and public health issues, including but not limited to COVID-19, which may continue to have a negative impact on economic and market conditions.
• Currency Risk. Values may be shown in varying currencies. Changes in exchange rates between currencies may cause the value of investments to decrease or increase.
• Increasing Scrutiny and Changing Expectations. Increasing scrutiny and changing expectations with respect to Apollo's sustainability-related policies could lead to additional costs and expose Apollo to additional risks, e.g., by limiting access to capital, hindering the Fund's growth and ability to implement its business strategy, and/or harming its financial health and ability to manage debts. Additionally, meeting sustainability-related legal and/or regulatory requirements may incur additional material costs. The foregoing could have a material adverse effect on the Fund’s business and overall returns.

This website is a marketing communication. Please refer to the Prospectus and Key Investor Document (KID) before making any final investment decisions.

For EEA investors: This website is provided by Apollo Investment Management Europe (Luxembourg) S.a r.l., which is supervised by the Commission de Surveillance du Secteur Financier. Apollo Capital Solutions Europe B.V. is authorised and regulated by the financial regulator in the Netherlands, the Autoriteit Financiële Markten. 

For UK investors: This website is provided by Apollo Management International LLP (“AMI”), which is authorized and regulated by the UK Financial Conduct Authority. Apollo Credit Management International Limited is an appointed representative of AMI.

There can be no assurance that any Apollo strategy or fund will achieve its objectives or be successful.

Diversification does not ensure a profit and may not protect against a loss in a declining market. An investment in the Fund involves subscribing to shares of a collective investment and not of a given underlying asset. Investments in the Fund are illiquid and there are significant restrictions on transferring interests in the Fund. There are limitations on the number of redemptions in any given quarter as set out in further detail in the Fund’s offering documents. In addition, redemption rights might be suspended in exceptional circumstances, as described in the Fund’s offering documents. Investor eligibility requirements and minimum subscription amounts may vary in different jurisdictions.

Certain information contained in this website constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words, or the negatives thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Apollo believes these factors include but are not limited to those described under the section entitled “Risk Factors”, which will be further described in the fund’s Prospectus.

Alternative investments often are speculative, typically have higher fees than traditional investments, often include a high degree of risk and are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss.

Opinions expressed herein reflect the current opinions of Apollo as of the date appearing in the materials only and are based on Apollo’s opinions of the current market environment, which is subject to change. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. The information on this website is not complete and the information contained herein may change at any time without notice. 

All investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The Fund’s offering documents contain this and other information about the Fund. All investors are urged to carefully read the offering documents in their entirety before investing. 

Past performance is not indicative nor a guarantee of future returns.

It should not be assumed that performance of investments made in the future will equal or have any correlation to the investments discussed herein.

Notice to Retail Investors residing in Germany and Italy.

Pursuant to the requirements under Article 43a of the Directive 2011/61/EU on Alternative Investment Fund Managers, Carne Global Fund Managers (Luxembourg) S.A. has appointed Carne Global Financial Services Limited to provide it with certain European facilities agent services in the above mentioned countries in respect of Apollo Private Markets SICAV.

Carne Global Financial Services Limited services include:

1. Facilitating processing of subscription, payment, repurchase and redemption orders and making other payments to investors.
2. Providing investors with information on the above and how repurchase and redemption proceeds are paid.
3. Facilitating the handling of information relating to an investor exercising their investment rights.
4. Maintaining access to key documentation through a secure digital portal.
5. Facilitating the handling of any complaint.
6. Acting as a point of contact for communicating with regulators.

For any further information on the above services you can contact Carne Global Financial Services Limited at:

https://apolloprivatemarkets.curator.carnegroup.com/facilitiesagent