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PSERS invests $400m in two funds

8 Oct 2013

pittsburgh_pennsylvania_fountain_170sqThe Public School Employees’ Retirement System of Pennsylvania has committed $400m to two private equity funds managed by Apollo Global Management and Summit Partners.

Apollo Investment Fund VIII and Summit Partners Credit Fund II have received commitments of $200m each, which were approved at the latest board meeting earlier this month.

Apollo is reportedly considering upping the limit of its current fundraise to more than $15bn amid strong investor interest.

The firm has held talks with investors about getting permission to raise the fund ceiling as high as $20bn, according to Reuters.

The firm was said to be looking to hold a close for Apollo Investment Fund VIII on $9.5bn last month after less than a year on the road.

AltAssets reported in July that Apollo raised $8.4bn towards the fund just six weeks after holding a $6.6bn first close.

Summit’s second credit fund follows the first vehicle, which was closed on $520m in August last year.

The fund makes credit investments in profitable companies with proven business models, a record of stable growth, and the leadership capable of sustaining that growth, the firm said.

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