Private Real Assets

Leaders in middle
market private real assets


in AUM


Investment Professionals*





Our Private Real Assets Strategies:


Secondary Investments

Primary Fund Investments


Apogem classifies real assets sectors primarily into energy, energy transition, infrastructure, metals & mining, agriculture, and associated services / products. We consider the full real assets value chain inclusive of upstream, midstream, and downstream assets and operations.

With over 20 years of relationships and data, we seek to capitalize on value-driven opportunities and market dislocations with a focus on total return. We believe investing in natural resources is necessary to support global economic and population growth, improve quality of life, and facilitate the energy transition.

Apogem’s real assets team currently manages approximately $1 billion in commingled funds and custom accounts and has completed approximately 70 direct co-investments, secondaries, and fund investments since 2014. *The core 4-member real assets team leverages data, analyst, and operational resources from across the Firm and is further supported by senior IPs serving on the investment committee.

We allocate capital primarily to direct equity co-investments, with complementary exposure to secondaries and primary funds.


Direct co-investments comprise the majority of Apogem’s commingled private real assets funds. We typically seek the following attributes in our real assets co-investments:

  • Thematic direct equity investments in private companies across natural resources sectors and value chain
  • Investments alongside trusted sponsors and management teams with specialized expertise
  • Well-capitalized businesses acquired at attractive valuations
  • Cash flow generating assets with minimal to no debt

Secondary Investments

Apogem’s real assets team has underwritten a broad range of natural resources secondaries transactions, further enhanced by leveraging Apogem’s dedicated private equity secondaries team.

Private real assets secondary investments may include GP solutions (e.g., single or multi-asset continuation vehicles, fund restructurings) and LP solutions (the purchase of one or more LP portfolio(s)).

We typically seek the following attributes in our real assets secondaries:

  • Quality assets and / or portfolios, typically acquired at a significant discount to NAV
  • High visibility into underlying assets
  • Exposure to trusted sponsors with specialized expertise

Primary Fund Investments

Apogem has significant experience underwriting and committing to private real assets funds. Fund commitments are typically included in portfolios to enhance diversification and /or access a specific sector or market theme.

As a result of the challenging fundraising environment, we believe there is an opportunity to access the funds of leading natural resources investors that may otherwise be oversubscribed or closed to new investors.

We typically seek the following attributes in our real assets primary fund investments:

  • Fund investments with managers that are sector specialists typically raising <$1 billion
  • Trusted sponsors with specialized expertise

Recent News & Insights

Apogem Capital Reveals Inaugural ESG Report

October 25, 2022 - Apogem Capital believes that ESG considerations can help provide better risk-adjusted returns to investors over the long term, and we are committed to continually advancing and improving responsible investing practices.

Learn More