Aquilius Investment Partners, a Singapore-based real estate investment firm founded by former Blackstone and Partners Group executives, has closed its latest secondaries fund at $750m, according to a report by Bloomberg.

The fund, Aquilius Real Estate Secondary Fund II, builds on the firm’s $400m debut vehicle raised in 2023 and brings its total assets under management to roughly $2bn.

Founded in 2021 by Christian Keiber, a former member of Blackstone’s real estate private equity team, and Bastian Wolff, who previously worked at Partners Group, Aquilius focuses on acquiring stakes in mature real estate funds. Many of its transactions involve U.S. and European investors selling Asian property interests to rebalance portfolios or reallocate capital closer to home.

Apollo Global Management reported a strong third quarter, underpinned by record earnings from its asset management and retirement services businesses.

The private equity firm posted GAAP net income of $1.7bn, or $2.82 per share, while adjusted net income reached $1.4bn, or $2.17 per share.

Fee Related Earnings climbed 23% year-on-year to $652m, and Spread Related Earnings increased to $871m, bringing total fee and spread-related earnings to a record $1.5bn for the quarter.

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KKR & Co. posted another record quarter, underscoring the private equity giant’s growing strength across asset management and insurance as it raised $43bn in new capital and achieved record fee earnings.

Adjusted net income reached $1.3bn in the third quarter of 2025, up 8% year-on-year, while total operating earnings climbed 12% to $1.4bn. Fee related earnings hit a record $1bn, reflecting strong management fee growth and continued investor inflows.

Assets under management rose 16% year-over-year to $723bn, supported by robust fundraising across private equity, credit, and infrastructure strategies. Fee-paying AUM stood at $585bn, while dry powder reached $126bn, providing ample capacity for new investments.

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