Thursday, 3 September 2015
Last updated 40 min ago
Nov 8 2011 | 9:56am 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…