We expect that over time approximately 50% or more of our investments will be made in private equity investments. Private equity capital is typically invested over a multi-year period, which can be inefficient if committed capital for a fund is drawn down at inception. We believe we are uniquely positioned to address this issue by investing capital into Apollo capital markets funds. We believe these investments will provide significant return potential while we seek to invest our capital in private equity opportunities.

We expect to invest substantially all of our capital in Apollo-sponsored entities, funds and private equity transactions. Our current portfolio consists of: (1) private equity co-investments in Apollo Investment Fund VI portfolio companies; (2) investments in Apollo Strategic Value Offshore Fund, Ltd. (“Apollo Strategic Value Fund”), an Apollo-sponsored fund focused on value-driven, distressed and special opportunity investments; (3) investments in AP Investment Europe Limited (“Apollo Investment Europe”), an Apollo-sponsored European mezzanine and leveraged debt investment fund; (4) investments in Apollo Asia Opportunity Offshore Fund, Ltd., (“Apollo Asia Opportunity Fund”), an Apollo-sponsored fund focused on debt and equity investment opportunities in the public and private markets in Asia; (5) Apollo European Principal Finance Fund, L.P., an Apollo-sponsored fund focused on non-performing loans in Europe; (6) other opportunistic investments; and (7) temporary investments. Over time, we expect to invest in additional Apollo-sponsored funds identified by Apollo Alternative Assets.