Texas Teachers' Pension Partners With Apollo Global Management

Nov 7 2011 | 9:54am ET

The Teacher Retirement System of Texas has formed a long-term strategic relationship with New York-based investment manager Apollo Global Management.

The terms of the strategic partnership include: $3 billion of long-term committed capital for new funds and investment strategies; significant recycle provisions for the commitments; discretionary deployment of the capital within agreed upon product baskets; customized fee and priority return provisions to recognize that the capital will be deployed across numerous product categories over an extended period; and significant collaboration between Apollo’s investment teams and the private markets staff at TRS.

“This strategic partnership marks a new milestone in our successful long-term relationship with Apollo,” said Steve LeBlanc, a senior managing director of TRS. “We believe this customized framework will allow the Trust to take advantage of opportunities across a variety of investment strategies and market conditions. We look forward to continuing to work with Apollo and their best-in-class investment team to further enhance returns for our members.”

Apollo, with over $65 billion in assets under management, has offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong.

TRS represents more than 1.3 million public education and higher education employees and retirees participate in the system.

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