Apollo Management closed its €1.4 billion ($1.95 billion) European Principal Finance Fund, which invests in non-performing loans, according to sources close to the matter.
Investors in the fund include the $202.1 billion California Public Employees’ Retirement System, $55 billion Pennsylvania Public School Employees’ Retirement System, $13.1 billion San Francisco City & County Employees’ Retirement System and $6.1 billion Arizona Public Safety Personnel Retirement System. All of the listed investors made their commitments to the fund in 2008.
