Apollo Global Management Inc. is on course for a record year of acquisitions at a time when many of its private equity peers are struggling to deploy capital.

QXO Inc. agreed to buy Kodiak Building Partners for about $2.25 billion to expand its construction products business into key markets in the US.

QXO Inc. is raising another $1.8 billion from investors including Apollo Global Management Inc. and Temasek Holdings Pte, comfortably more than doubling the $1.2 billion financing deal it announced last week.

An investor group led by Apollo Global Management Inc. has agreed to invest $1.2 billion in QXO Inc. to support the building products company’s acquisition strategy.