Apogem Capital

What Apogem Capital does

Apogem Capital is a private markets investment firm formed in 2022 as a wholly owned subsidiary of New York Life Insurance Company, created by combining three NYL-affiliated middle market boutiques: GoldPoint Partners (established 1991), Madison Capital Funding (established 2001), and PA Capital (established 1997). Headquartered in New York City with additional offices in Chicago, Richmond, and Austin, the firm manages approximately $44 billion in assets under management as of December 31, 2025 and March 31, 2026, and employs 250+ professionals including 120+ investment professionals. Apogem operates as a multi-strategy platform spanning five core areas: Private Credit (senior secured direct lending, $18B+ AUM, 2,600+ transactions since 2001), Private Equity (primary fund investments, co-investments, and emerging managers, $14.7B+ AUM, 600+ fund commitments since 1991), Liquidity Solutions (GP-led and LP secondaries, $3.2B AUM, 130+ transactions since 2012), GP Stakes (minority equity in middle market GPs via the RidgeLake Partners joint venture with OA Private Capital, $2B AUM), and Private Real Assets (private natural resources, $1B AUM). The firm also offers Customized Solutions delivered through Separately Managed Accounts and Funds-of-One.

The firm's core technology is a proprietary deal sourcing and underwriting platform, anchored by deep, decades-long relationships with 320+ private equity sponsors that provide access to highly sought-after middle market deal flow. Its revenue model is subscription-based, generating management fees and carried interest across commingled funds, customized SMAs, and Funds-of-One vehicles. Securities are distributed through NYLIFE Distributors LLC, a FINRA/SIPC-registered affiliate of New York Life. The customer base is exclusively institutional — public and private pension plans, foundations, endowments, family offices, insurance companies, sovereign and public pensions, and registered investment advisors — with a $1M minimum for flagship vehicles such as Apogem Secondary Fund VII.

The go-to-market motion is sales-led, driven by a dedicated Business Development & Investor Relations team, direct institutional relationships, and participation in industry conferences (Women in Private Markets Summit, SuperReturn International, Women's Private Credit Summit), supplemented by thought leadership content. The firm operates with parent-company and employee capital co-invested alongside clients, aligning interests with LPs. Strategically, Apogem has aggressively expanded its single-asset continuation vehicle franchise in 2025–2026 (Amlon, Proceed, Solace) and closed its seventh and largest secondaries fund at a $1.43B hard cap in March 2026.

Name

Apogem Capital

Legal name

Apogem Capital LLC

Website

https://apogemcapital.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Apogem Capital is a New York Life-owned private markets investment firm managing $44B AUM across private credit, private equity, liquidity solutions, GP stakes, and private real assets, serving institutional investors with middle market exposure.

Ownership category

akta.pro rank

Product category

Private Markets Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211), Investors, Nec (6799)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

Managed Account / SMA Multi-Manager Platforms (FSANAGAL), Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Private credit lending
• Middle market private equity
• Liquidity solutions secondaries
• GP stakes investing
• Alternative investment management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Private Credit - Direct Lending: Senior secured direct lending generating yield through cash flow-based financing solutions for leveraged buyouts, recapitalizations, add-on acquisitions, and growth capital. The strategy targets first lien senior secured loans with financial covenants to middle market private-equity owned businesses with EBITDA greater than $3.5M.
2. Private Equity Fund Investments: Management fees and carried interest from diversified exposure to lower middle and middle market private equity funds. Currently manages more than $14.7 billion across commingled funds and custom accounts with over 600 fund commitments since 1991.
3. Liquidity Solutions - GP-Led and LP Secondaries: Fee income from GP-led continuation vehicles and LP secondary transactions, managing approximately $3.2 billion across commingled funds and custom accounts with 130+ transactions since 2012.
4. GP Stakes: Minority equity investments in middle market GP management companies through RidgeLake Partners, targeting GPs with AUM between $1 billion and $20 billion to generate stable income streams and attractive return opportunities.
5. Private Real Assets: Value-oriented investments in private natural resources companies offering inflation protection, dividend yield, and attractive total returns through direct co-investments, secondary investments, and primary fund investments.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Apogem Capital is a private markets investment manager offering five core strategies: Private Credit (senior secured direct lending to middle market PE-owned businesses), Private Equity (fund investments and co-investments in lower middle and middle market), Liquidity Solutions (GP-Led continuation vehicles and LP secondaries), GP Stakes (minority equity investments in middle market GPs via RidgeLake Partners), and Private Real Assets (natural resources). The firm serves institutional investors through commingled funds, separately managed accounts (SMAs), and Funds-of-One, managing approximately $44 billion in AUM.

Product overview

Apogem Capital is a private markets investment firm offering a multi-strategy platform rather than a single unified product. The platform comprises five core investment strategies: Private Credit (direct lending), Private Equity (fund investments and co-investments), Liquidity Solutions (GP-led and LP secondaries), GP Stakes (minority equity in GPs via RidgeLake Partners), and Private Real Assets (natural resources). Additionally, the firm offers Customized Solutions including Separately Managed Accounts and Funds-of-One. The products work together through the firm's integrated platform, with deal flow and relationships shared across strategies, allowing clients to access combinations of fund investments, co-investments, and secondary transactions tailored to their needs. The firm also operates Apogem Secondary Fund VII as its latest flagship liquidity solutions vehicle.

Differentiator

Problem solved

Functional benefit

Brands

• RidgeLake Partners: A strategic partnership between Apogem Capital and OA Private Capital focused on minority equity investments in middle market General Partners across private market strategies in North America and Europe.

Products and services

• Private Credit
• Private Equity
• Liquidity Solutions
• GP Stakes
• Private Real Assets
• Customized Solutions
• Apogem Secondary Fund VII

Quantifiable outcome

• Apogem Secondary Fund VII closed at $1.43 billion hard cap, exceeding $1 billion target and more than doubling predecessor fund size
• +2 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core.

• NYLIFE Distributors LLCcoreChannel Partner/ Reseller/ DistributorAffiliate that distributes securities managed by Apogem Capital. Located at 51 Madison Avenue, New York, NY 10010. Member of FINRA and SIPC.
• OA Private CapitalcoreStrategic or Co-development PartnerStrategic partnership through RidgeLake Partners for GP stakes investing. RidgeLake Partners is a strategic partnership between OA Private Capital and Apogem Capital for minority equity investments in middle market GPs.
• GoldPoint PartnerscoreOthersOne of three specialized boutiques combined in 2022 to form Apogem Capital. GoldPoint Partners began investing in private equity funds, co-investments, and private debt transactions alongside middle market sponsors in 1991.
• Madison Capital FundingcoreOthersOne of three specialized boutiques combined in 2022 to form Apogem Capital. Madison Capital Funding was established in 2001 as a subsidiary of New York Life to make senior loan investments.
• PA CapitalcoreOthersOne of three specialized boutiques combined in 2022 to form Apogem Capital. PA Capital (formerly Private Advisors) began investing in private equity funds in the lower middle market in 1997 and became part of New York Life in 2010.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• StepStone Group: Public multi-asset private markets investment manager with significant exposure to private equity fund investments, secondaries, co-investments, and private credit — directly comparable to Apogem's diversified private markets platform and institutional LP focus.
• Hamilton Lane: Public private markets investment manager focused on private equity fund investments, secondaries, co-investments, and private credit solutions for institutional clients — directly comparable across Apogem's PE, Liquidity Solutions, and Customized Solutions strategies.
• Lexington Partners: One of the largest independent secondary and private equity fund-of-funds managers, with deep co-investment and LP secondary capabilities — a direct competitor to Apogem's Liquidity Solutions strategy and Apogem Secondary Fund VII franchise.
• HarbourVest Partners: Global private markets investment manager with primary fund, secondary, and direct co-investment programs — closely overlaps Apogem's Private Equity and Liquidity Solutions platforms and similar institutional LP distribution.
• Golub Capital: One of the largest middle market direct lending platforms, focused on senior secured loans to PE-sponsored borrowers — directly competes with Apogem's $18B+ Private Credit franchise and recently co-led the Solace continuation vehicle.
• Churchill Asset Management: Middle market direct lending and private credit platform (subsidiary of Nuveen/TIAA) competing directly with Apogem's Private Credit business; co-led the $405M Proceed continuation vehicle alongside Apogem.
• Antares Capital: Major middle market direct lending franchise competing with Apogem's Private Credit strategy, with overlapping LP base in insurance, pensions, and other institutional channels.

Emerging players

• New Mountain Capital: Middle market private equity and credit investor with custom credit solutions for sponsors; overlaps with Apogem's lower middle market focus and is a member of the broader competitor set in middle market capital solutions.

Broad incumbents

• Ares Management: Large alternative asset manager with $450B+ AUM across private credit, private equity, secondaries, and real assets — competes with Apogem across most strategies but at meaningfully greater scale and breadth.
• Blackstone Credit: Credit arm of Blackstone managing $200B+ across direct lending, mezzanine, and other private credit strategies — a much larger incumbent increasingly active in middle market direct lending where Apogem competes.

Market position

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ApogemCapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles43 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Apogem Capital