Private-equity company Apollo Global Management is raising billions of dollars for new funds, including one linked with Bermudian life reinsurer Athene Holding, according to a Bloomberg report.

Apollo, which has around $280 billion of assets under management, is aiming to raise about $9 billion in total for its raft of new funds. Of that, $4 billion is earmarked for the Athene-related investments.

The programme will allow investors to participate in private deals alongside its insurance company Athene, according to the report.

Athene was incorporated in Bermuda ten years ago. The main thrust of its business is to buy blocks of annuity contracts, which guarantee policyholders an income for life in exchange for a lump sum.

Athene invests assets tied to these contracts with the aim of generating a greater return than is necessary to meet payments to annuity holders.

The company has attracted a lot of attention by tending to invest in a different portfolio mix from traditional life reinsurers, involving more structured credit instruments.

This week, Steve Kandarian, the outgoing chief executive officer of MetLife, said, without naming rivals: “The regulators have to look very hard at the new entrants in terms of how they’re investing their money in particular — what kind of liabilities are on their balance sheet.

“Regulators should look hard at this and make sure that the risks being taken on by these new entrants are appropriate because, again, we pick up the tab if they fail.”

Apollo owns about 10 per cent of Athene and also oversees the reinsurer’s investments and earns hundreds of millions of dollars in fees from the arrangement.

Athene, one of the success stories of the booming Bermudian life reinsurance market, has expanded rapidly through acquisitions. Last year its net income topped $1 billion and at the end of the year, its shareholders’ equity was nearly $8.3 billion.