Apollo Global Management Inc. co-founder Josh Harris’s investment firm 26North Partners aims to raise $3 billion to $4 billion for its first private equity fund, according to people familiar with the matter.

The firm plans to make as many as 20 investments through the new vehicle in sectors including industrials, financials, technology, media and telecommunications, said the people, who asked not to be identified discussing a confidential matter.

A spokesperson for New York-based 26North declined to comment.

26North hired Mark Weinberg, who helped lead U.S. private equity at Brookfield Asset Management, to run buyouts last year. The firm — which has $12.7 billion of assets under management — recently embarked on a hiring spree, bringing on three former managing directors from Goldman Sachs Group Inc. to build out the direct-lending business under Brendan McGovern.

Alternative asset managers are contending with a tough fundraising environment as institutional investors steer less cash into private assets and as deals stagnate in a higher interest rate environment.

Harris launched 26North in September last year to focus on investments in private equity, credit and insurance.