Apogem Capital (“Apogem”), a leading private markets investor, today announced the final close of the Apogem Real Assets Fund IV Program with $372M in Apogem Real Assets Fund IV (“ARAF IV” or the “Fund”) commitments inclusive of $12M employee commitments, and an additional $100M in a Real Assets co-investment separate account. The Fund exceeded its $300 million target, reflecting strong investor support for Apogem’s specialized and total return focused approach to private real assets.

ARAF IV continues the firm’s established private real assets strategy, pursuing a thematic, value-oriented approach to natural resources investing across co-investments, direct investments and secondaries in the lower middle and middle market. Apogem established its dedicated Real Assets platform in 2014 and has since deployed approximately $1 billion across the strategy, building more than a decade of experience investing through multiple market and commodity cycles. The Fund is targeting opportunities across energy, natural resources, infrastructure and related services, primarily in North America and other OECD markets. ARAF IV seeks opportunities to partner with sponsors and management teams to capitalize on long-term themes including energy security and reliability, growing power demand, infrastructure investment and aging infrastructure.

Zac McCarroll, CFA, Managing Director and Head of Real Assets at Apogem Capital, said:

“We are grateful for the continued support of our investors and are excited about the current environment for ARAF IV. We believe years of underinvestment in private real assets combined with the rising and shifting demand for natural resources have resulted in reduced competition for high-quality assets at attractive valuations. ARAF IV is designed to capitalize on this dislocation through a highly selective, value-oriented investment approach.”

The Fund received strong support from existing limited partners and attracted commitments from a diverse group of global institutional investors, including public and private pension plans, family offices, and RIAs.

Josh Niedner, Chief Executive Officer of Apogem Capital, added:

“The successful close of ARAF IV reflects continued investor interest in private real assets and the important role we believe the asset class can play in diversified private markets portfolios. Long-term trends across energy, power and infrastructure are creating a broad and evolving opportunity set, and we believe Apogem’s scale, deep investment experience and sponsor relationships position us well to capitalize on those opportunities.”

ARAF IV benefits from Apogem’s scale and platform connectivity as a $44 billion private markets investment manager.1 The Fund draws on the firm’s deep relationships established over the last 25+ years across its private equity and credit programs.

About Apogem Capital

Apogem Capital is a leading private markets investor with 35 years of expertise across private credit and private equity in North America. As of June 30, 2026, the firm manages approximately $44 billion in assets.1 Apogem provides a comprehensive suite of solutions, including direct lending, private equity funds and co-investments, GP-led transactions and LP secondaries, GP stakes, and private real assets.

With a team of over 250 professionals, including more than 120 investment professionals, Apogem combines deep domain expertise with the stability and long-term perspective of its parent company, New York Life Insurance Company. Apogem Capital is a wholly owned subsidiary of New York Life through New York Life Investment Management Holdings LLC.

For more information, visit apogemcapital.com.

Note: The views expressed herein reflect Apogem Capital’s opinions as of the date of this release and are subject to change.

  1. AUM is estimated and unaudited as of June 30, 2026, and includes non-discretionary and co-advised assets.

 

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