Apollo Global Management (APO) said Thursday that it has raised $8.5 billion for its Accord+ credit strategy, including $4.8 billion for Accord+ Fund II and the rest through separate accounts and related structures.

The closing of the second vintage fund exceeded internal targets and brings Apollo's hybrid credit platform to about $40 billion in assets, the company said.

The Accord+ Fund II attracted strong backing from a global mix of investors, including pension funds and sovereign wealth funds, the company said, adding that it plans to continue expanding its Accord+ offerings to serve institutional and wealth clients.

Shares of Apollo rose nearly 2% in recent trading.

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