1. There can be no assurance that investment strategies or objectives described herein will be achieved and there can be no assurances that any of the trends described herein will continue or will not reverse. The value of any investment could decline and/or become worthless.
2. Diversification does not ensure profit or protect against loss.
3. J-Curve refers to the tendency of private equity funds to post negative returns in the initial years and then post increasing returns in later years when the investments mature.
4. The Fund’s investment adviser expects to generally recommend that, in normal market circumstances, the Fund conduct quarterly repurchase offers of up to 5% of the Fund’s net assets, subject to approval by the Fund’s Board of Trustees (the “Board”). However, there can be no assurance that the Fund will conduct repurchase offers in any particular period and shareholders may be unable to tender shares for repurchase for an indefinite period of time. The Fund is not obligated to repurchase any shares and may choose to conduct a quarterly repurchase offer of less than 5% of the Fund’s net assets or not conduct a quarterly repurchase offer in any quarter. As a result, shares should be considered as having only limited liquidity and at times may be illiquid. Offers for repurchases of shares, if any, may be suspended, postponed or terminated by the Board under certain circumstances.
5. The Fund may, in its sole discretion, accept investments below these minimums.
6. “Blind pool risk” refers to the potential risks associated with investing in an investment vehicle without knowing the specific investments that will be made. Conversely, secondary investors purchase pre-existing assets and thus the “blind pool risk” is limited.
7. Past performance is not indicative of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Investing involves risk, including loss of principal. Performance includes reinvestment of distributions and is net of all Fund expenses. Fund returns greater than one year are annualized. Fund returns would have been lower had expenses not been waived during the period. Unless otherwise noted, the Fund return does not reflect the deduction of any applicable Fund share class sales load, third-party brokerage commissions or third-party investment advisory fees paid by investors to a financial intermediary for such services. If the deduction of such fees was reflected, the performance would be lower. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. No upfront sales load will be paid to the Fund with respect to Class S shares or Class I shares, however, if a shareholder buys Class S shares through certain financial intermediaries, they may directly charge transaction or other fees to shareholders, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to 3.5% cap on NAV for Class S shares. Selling agents will not charge such fees on Class I shares. Shareholders should consult their selling agent for additional information. Current performance may be lower or higher than the performance quoted.

This material is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, tax information, charges and expenses of the Apollo S3 Private Markets Fund (the “Fund”). This information and other important details about the Fund are contained in the prospectus, which can be obtained by visiting https://apollo.com/aspm. Please read the prospectus carefully before investing. 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 prospectus for additional risk factors in determining whether an investment in the Fund is suitable. Prior to investing, prospective investors should consult with their own tax and legal advisors.

• Limited Operating History. The Fund is a newly organized closed-end management investment company registered under the Investment Company Act of 1940 with no operating history and is not designed to be a complete investment program.

• Limited Liquidity. Investments in the Fund are illiquid and there are significant restrictions on transferring interests in the Fund. The Fund’s shares are not listed on any securities exchange and 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.

• There can be no assurance that the Fund will conduct repurchase offers in a particular period. Although the Board may, in its sole discretion, cause the Fund to offer to repurchase outstanding Shares at their NAV and the Adviser expects to generally recommend that, in normal market circumstances, the Fund conducts quarterly repurchase offers of up to 5% of the Fund’s net assets, subject to approval by the Board, there can be no assurance that the Fund will conduct repurchase offers in any particular period and Shareholders may be unable to tender Shares for repurchase for an indefinite period of time. The Fund is not obligated to repurchase any Shares and may choose to conduct a quarterly repurchase offer of less than 5% of the Fund’s net assets or not conduct a quarterly repurchase offer in any quarter. As a result, Shares should be considered as having only limited liquidity and at times may be illiquid. Offers for repurchases of Shares, if any, may be suspended, postponed or terminated by the Board under certain circumstances.

• Potential Loss of Investment. No guarantee or representation is made that the Fund’s investment strategy will be successful nor do we guarantee any level of return or risk. 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. Results could be volatile. Accordingly, investors should understand that past performance is not indicative nor a guarantee of future results. All investments involve risk, including loss of capital.

• Fees and Expenses. The Fund is subject to substantial charges for management 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.

• Distributions: Legal and regulatory requirements may limit the Fund’s ability to make distributions, which are made at the Fund board’s discretion. The Fund cannot guarantee that it will make distributions, and if the Fund makes distributions it may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, or return of capital, and the Fund has no limits on the amounts it may pay from such sources.

• Risks of Private Market Strategies. The Fund’s investment portfolio will include secondaries, co-investments and primaries. The portfolio funds and special purpose vehicles that the Fund invests in will typically hold securities issued primarily by private companies. Operating results for private companies in a specified period may be difficult to determine. Such investments involve a high degree of business and financial risk that can result in substantial losses.

• The Fund is subject to the risks associated with its Portfolio Funds’ underlying investments. The investments made by the portfolio funds will entail a high degree of risk and in most cases be highly illiquid and difficult to value. The Fund will not obtain or seek to obtain any control over the management of any portfolio company in which any portfolio fund may invest. The success of each investment made by a portfolio fund will largely depend on the ability and success of the management of the portfolio companies in addition to economic and market factors.

• 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. 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.

• 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.

• Valuation Risk. The net asset value of the Fund may be determined by its adviser 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 expects to utilize leverage, which will magnify the potential for loss on amounts invested in the Fund.

This website must be read in conjunction with the Fund's prospectus in order to fully understand all the implications and risks of an investment in the Fund. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Investments mentioned herein may not be suitable for prospective investors. An offering is made only by the prospectus, which must be made available to you prior to making a purchase of shares and is available at https://apollo.com/aspm. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contain the risks and uncertainties that we believe are material to our business, operating results.