CalPERS took a $600 million stake in Apollo Management Group, a private equity company that last month joined the ranks of alternatives firms trading shares on proprietary systems. In a closed session on June 18, the board of the $247.7 billion California Public Employees Retirement System, Sacramento, approved an investment of up to $700 million to acquire an ownership interest of up to 10% in the firm, according to an agenda item for the Sept. 10 meeting. The transaction closed in July. No further details were available. Neither Brad Pacheco, spokesman at CalPERS, nor board member Robert Carlson could be reached for comment by press time.
Apollo reportedly raised $828 million in a private stock sale in early August.