Risk Factors

• Potential Loss of Investment. No guarantee or representation is made that a Fund’s investment strategy will be successful. An investment in a 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 a Fund could incur losses in markets where major indices are rising and falling. Only qualified eligible investors could invest in a 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 a 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 a 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 Funds are 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 Funds’ offering documents are not reviewed or approved by federal or state regulators and the Funds’ privately placed interests are not federally or state registered. In addition, the Funds could engage in trading on non-US exchanges and markets. These markets and exchanges could exercise less regulatory oversight and supervision over transactions and participants in transactions. 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 a Fund. Changes in the political environment and the potential for governmental policy changes and regulatory reform could impact the performance of an investment. Certain Funds invest in foreign countries and securities of issuers located outside of the U.S., which could involve foreign exchange, political, social, economic and tax uncertainties and risks.
• Reliance on Key Personnel. Apollo and/or its affiliates have total trading authority over the Funds 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 Funds.
• 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 Funds are subject to substantial charges for management, performance and other fees regardless of whether a Fund has a positive return. Please refer to the applicable Fund’s PPM or other governing documents for a more complete description of risks and a comprehensive description of expenses to be charged to that Fund.
• Lack of Operating History. The Funds have little or no operating history.
• Limited Liquidity. Investments in the Funds are illiquid and there are significant restrictions on transferring interests in the Funds. No secondary public market for the sale of the Funds’ 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 a 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. A 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 Funds 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 our Funds 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 Funds’ transactions to counterparties which are established, well-capitalized and creditworthy, the Funds 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 Funds to substantial losses.
• Tax Risks. Investors in the Funds are subject to pass-through tax treatment of their investment. Since profits generally will be reinvested in the Funds 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 Funds.
• Possible Delays in Reporting Tax Information. Each 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.
• 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.

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.

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.There are no guarantees or assurances that any investment objectives or performance described herein will be achieved. Such an investment involves a high degree of risk. Your capital is at risk and you may lose some or all of your investment. There is no assurance that the Fund will achieve the target allocations as described herein or that such investment opportunities will be available to the Fund. 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 Funds are illiquid and there are significant restrictions on transferring interests in the Funds. 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. The Fund is subject to substantial charges for management, performance and other fees regardless of whether a Fund has a positive return.

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 abovementioned 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

1. Past performance is not indicative nor a guarantee of future results. Investment losses may occur. Total net return is calculated as the change in NAV per share during the period, plus distributions per share (assumes reinvested distributions) divided by the NAV per share at the beginning of the period. Returns provided herein are net of all Fund expenses, general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Performance shown does not include anticipated taxes or withholdings. The returns have been prepared using unaudited data and valuations of the underlying investments in the Fund's portfolio, which are estimates of fair value and form the basis for the Fund's NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. 
   
   Inception dates: Class A3 Distribution USD, 6/1/24; Class A4 Accumulation USD, 1/1/24; Class I3 Distribution USD, 11/1/23; Class I4 Accumulation USD, 10/1/23. Shareholders should consult their selling agent for additional information. 
2. The annualized distribution is as of April 30, 2025, and is calculated by multiplying the sum of the month's stated base distribution per share by twelve and dividing the result by the current month's NAV per share. USD Share Class performance shown.
3. As of March 31, 2025. 
4. The illustrative portfolio allocations shown above are approximations and are subject to change. The Fund is actively managed and is not managed in reference to any benchmark index.
5. A fee was paid by Apollo to be considered for these awards or in order to use these awards. The sponsor of these awards may have other business relationships with Apollo that incentivized the sponsor to include Apollo among its nominees. These awards are not representative of any one client's or investor's experience with Apollo and should not be viewed as indicative of future performance of any Apollo fund or transaction.
6. Relates to the performance of the USPC Share Class displayed only. The costs of other share classes may be higher, and therefore the past performance of the Share Class displayed may be higher than the past performance of those other share classes.
7. For periods greater than one year, performance is annualized.

Please refer to the Glossary for additional information on the terms used herein.