Thursday, 28 August 2014
Last updated 4 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...