Apollo Global ManagementLU2898824136Class I4
The S3 sub-fund buys secondaries across private equity and private credit — Apollo's secondary-market platform in evergreen format, as a Luxembourg Part II SICAV, launched in 2024, distributing.
Monthly subscription; quarterly redemption with roughly one month's notice and an aggregated quarterly gate; no lock-up, no redemption discount.
Subscription from EUR 25,000, for professional and retail investors depending on the country; not registered for distribution in Germany.
Cross-asset-class secondaries — PE and credit in one secondary-market mandate — are offered in the field only by Apollo: the most flexible variant of the secondaries boom, for investors who see the intermediate trade as a return source of its own.
Figures for class I4 (LU2898824136) · product data 9 Oct 2026 · sources: prospectus (as at 1 Jun 2026), PRIIPs-KID — full list under 08 documents.
Since the data series began in Dec 2025, the unit price has gained 4.5% (cumulative, 0.5 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
2 monthly values · Source: secondary source (data portal), price feed / provider document · 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 Oct 2024; a reliable NAV series of the class is available from Dec 2025. series incomplete (2/7 months).
What the prospectus permits: GP-led single-/multi-asset continuation vehicles and LP-led portfolios; buyout, growth, venture, infra/energy, sponsor-backed direct lending
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
The five largest holdings account for 124.0% of the fund. 6.0% is held in the liquidity reserve — enough for 4 months of maximum redemptions.
How the reserve is invested: State Street Institutional U.S. Government Money Market Fund 12.1% · Liquidity Sleeve (cash and cash equivalents) 6.0%. It covers 4 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Focus according to fund documents: Diversified, no sector breakdown 100%
Focus according to fund documents: Global, not broken down 100%
Among the ten largest: 6 GP-led secondaries, 3 LP secondaries, 1 primary fund; 9 names not disclosed.
Undisclosed continuation vehicle holding two North American companies: a consolidator of closed blocks of variable annuity insurance and a remanufacturer of automotive powertrain components.
Undisclosed portfolio of diversified co-investments focused on North America that Apollo acquired from an existing investor in an LP-led secondary transaction.
Undisclosed diversified portfolio of LP interests in private equity funds across several regions that Apollo acquired from an existing investor in an LP-led secondary transaction.
Single-asset continuation vehicle (vintage 2014) for a provider of mission-critical enterprise infrastructure software focused on North America.
Undisclosed credit secondary transaction through which Apollo is the anchor investor in a non-traded BDC (business development company).
Undisclosed single-asset continuation vehicle (vintage 2006) for a global provider of device protection and insurance services for mobile carriers, retailers and home service providers …
Undisclosed single-asset continuation vehicle (vintage 2025) for a Western European aviation platform that owns and manages aircraft, engines and related aviation infrastructure.
Undisclosed single-asset continuation vehicle (vintage 2020) for a North American wireless or telecommunications company.
Undisclosed single-asset continuation vehicle for a European operator of premium fitness and wellness clubs focused on Western Europe.
Positions and shares according to the provider; 4 of 5 names not disclosed; short descriptions by semiliquid.info from public sources; holdings as at 31 Dec 2025, reserve as at 30 Jun 2026; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 4.68%, class I4 is well above the median of the asset class (2.30%). On top comes a performance fee of 12.50% above a hurdle of 5% — with a high-water mark.
For 25,000 USD this means roughly 1,170 USD per year.
For 25,000 USD, no charge on purchase.
Based on the PRIIPs key information document of class I4, hence comparable across providers. Median: 16 Multi-Asset funds in this database, data run 16 Oct 2026.
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 30 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 unit available approx. 30 business days after the Valuation Day. |
| Payment | pre-funding: 4 business days before dealing day |
| Minimum investment | EUR/USD/GBP/CHF 25,000; ILS 100,000 |
| 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 9 Oct 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 level: sub-fund, Master Fund and Designated Parallel Vehicle (Apollo S3 Private Markets IDF).
Price = NAV per share on this day.
NAV at previous quarter-end (—)
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 146 days from decision to cash.
Rank 29 of 112 · rank 8 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 146 days become 40 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 | 31 business days before redemption day · 17:00 CET |
| Price | quarter-end |
| Payout | 35 business days after redemption day |
| Gate | 5% net of NAV at the previous quarter-end per quarter; redemption only to the extent that the feeder can redeem corresponding units in the master fund |
| Scaled-back portion | scaled-back portion lapses; new request required, no priority |
| 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 of 5% net, pro-rata scale-back, redemption in kind, liquidity reserve and credit facility. |
| Switch / transfer | permitted with the consent of the Board; silence within 30 business 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 aggregate NAV per quarter
The 5% gate is measured across the sub-fund, the master fund and the Designated Parallel Vehicle without double counting; NAV attributable to holdings subject to a lock-up is disregarded.
Dates calculated from the prospectus rules (bank holidays: GB, LU, US); only the transfer agent’s confirmation is binding. Data as at 9 Oct 2026 · Documents: 08.
12 classes. All cost and risk figures on this page refer to the basis class I4.
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 Jun 2026 | — |
| Annual / semi-annual report | 31 Dec 2025 | — |
| Annual / semi-annual report | 30 Jun 2025 | — |
| NAV series secondary source (data portal), price feed / provider document | 30 Jun 2026 | Performance (01) |
| Positions and reserve | 31 Dec 2025 | 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 31 business days before redemption day, with 5% gate per quarter. Subscribing today, it takes on average 146 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 4.68% p.a. according to the PRIIPs KID for class I4; the median of the Multi-Asset funds in this database is 2.30%; plus a performance fee of 12.50%.
25,000 USD in class I4.
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 S3 Private Markets. Under the prospectus a gate of 5% per quarter applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.