Texas Teachers To Invest $6 Billion In Apollo, KKR

Nov 8 2011 | 10:56am ET

A major Texas public pension fund will make a pair of major investments in two major private equity firms.

The Teacher Retirement System of Texas will invest $3 billion each in Apollo Global Management and Kohlberg Kravis Roberts, the firms announced yesterday. Both firms will have a great deal of latitude to invest the money, which will be kept in separate accounts. The mandates could grow, as both firms have been empowered to reinvest the profits.

Apollo and KKR survived a years-long process by the $107 billion pension. More than a half-dozen p.e. firms were considered, but TRS decided to go with two of the "most reputable and successful private management firms in the world." It also went with firms it's already familiar with, as both Apollo and KKR already manage in excess of $1 billion each for TRS.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of