Apollo Global Management Inc. is seeking $500 million for its first-ever fund to invest in special purpose acquisition companies, according to a person familiar with the matter.  

The fund will use a broad strategy involving the acquisition of stakes in initial public offerings and founders’ shares, the person said, asking not to be identified because the information is private. Reuters reported on Apollo’s plans earlier Tuesday.

Apollo, which had $472 billion under management as of June 30, is seeking to capitalize on the growing popularity of SPACs. Its private equity business benefited from the hot market for blank check companies, which gather pools of cash for acquisitions. In last year’s fourth quarter, it raised $817 million to make investments through Apollo Strategic Growth Capital.