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CalPERS sets $550 million for Apollo buyout fund

California Public Employees' Retirement System, Sacramento, has committed $550 million to Apollo Investment Fund IX, a buyout fund managed by Apollo Global Management, agenda material for the system's Aug. 14 investment committee show.

The commitment was made in June, under the $331.6 billion pension fund investment staff's delegated authority. Apollo has raised $24.7 billion in commitments for the fund, the company said in its second-quarter earnings report.