Saturday, 28 March 2015
Last updated 10 hours ago
Apr 20 2010 | 12:02pm ET
The nation’s largest public pension fund has struck a sweetheart fee deal with private equity giant Apollo Global Management.
The New York-based firm has agreed to cut the fees charged to the California Public Employees’ Retirement System by $125 million over the next five years, the two sides said in a joint statement. In return, CalPERS has agreed to fund its existing capital commitments to Apollo, which total $943 million in uncommitted capital.
CalPERS has a total of $4.3 billion in commitments to Apollo, more than $3 billion of which has already been committed. New York-based Apollo has more than $53 billion in assets under management.
In addition to the fee breaks, Apollo has also pledged not to use placement agents. The firm will give CalPERS a quarterly certification that it has neither used nor paid placement agents to win business from the $200 billion pension.
The fee reductions will come from $2 billion in separately-managed fixed-income accounts that Apollo manages exclusively for CalPERS, which owns a 9% stake in Apollo.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…