The fund’s board of directors has approved a strategic partnership with Apollo, enabling the $48.8bn state fund to invest alongside the firm through its conmingled funds, said Dow Jones.
Last year California Public Employees’ Retirement System sold stakes in Apollo and fellow private equity firm Carlyle.
CalPERS contributed $1bn to Apollo’s first credit opportunities fund closed in 2008, which was returning 2.6 times the invested capital and has an IRR of 27.6 per cent.
in January this year Apollo closed its latest flagship fund on $17.5bn, making it the biggest vehicle raised since the financial crisis.
Fund VIII is focused on distressed investments, corporate carve-outs and opportunistic buyouts.
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