Apollo S3 Private Markets Fund Board OKs Conversion to Interval Fund

Apollo S3 Private Markets Fund’s board of trustees has approved a plan to convert the fund into a registered interval fund, adopting a fundamental policy of mandatory quarterly repurchase offers of 5% to 25% of outstanding shares under Rule 23c-3 of the Investment Company Act of 1940.

The board also authorized the fund to prepare and file a post-effective amendment to its registration statement adding disclosure covering the fund’s operation as an interval fund. The conversion takes effect once the amendment becomes effective, which the fund said it expects to occur in November 2026. The fund will continue to offer Class I, Class S2, and Class I2 shares on a continuous basis at net asset value per share before and after the change.

Apollo S3 Private Markets Fund currently operates as a perpetual, closed-end tender offer fund, in which share repurchases are conducted periodically at the board’s discretion rather than on a fixed, mandatory schedule. Funds registered as interval funds under Rule 23c-3 commit to a fundamental policy of repurchasing a set percentage of outstanding shares, a structure that gives investors more predictable, though still limited, liquidity.

The fund launched in October 2024 under Apollo’s sponsor and secondary solutions business, known as S3, which the firm established in 2022 with a cornerstone commitment from the Abu Dhabi Investment Authority.

Apollo S3 Private Markets Fund invests across private equity, private credit, and other private markets secondaries, including general partner-led continuation vehicles, limited partner-led secondaries, and preferred fund finance solutions, according to Apollo. The fund reported an 18.3% return for 2025, with a portfolio weighted toward equity and GP-led secondaries.

The conversion comes as Apollo continues to build out its evergreen and semi-liquid product lineup for individual investors. Apollo’s assets under management surpassed $1 trillion for the first time in the first quarter of 2026, according to the firm. Apollo has said it aims to raise more than $30 billion annually from global wealth investors and grow wealth-channel assets to $150 billion by 2029.

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