Apollo Management, a US alternative assets firm, has become the first to follow rival Kohlberg Kravis Roberts into the equity capital markets with the launch of its own $1.5bn (€1.2bn) quoted vehicle on Euronext.

Citigroup, Credit Suisse, Goldman Sachs and JPMorgan are joint bookrunners for the initial public offering. Bankers said the deal could be increased to $2.5bn if there is sufficient investor demand.