Updated with correction
New Mexico State Investment Council, Santa Fe, terminated its $92 million investment with Apollo Corporate Credit Fund because of organizational and personnel changes, said Charles Wollmann, spokesman for the $15.2 billion council.
The fund, formerly called the Stone Tower Corporate Credit Fund, invests largely in leveraged loans.
Apollo Global Management closed on its acquisition of Stone Tower Capital on April 2.
According to a memo to the council from investment consultant R.V. Kuhns, Joseph M. Zupan, who co-managed the corporate credit fund, would be leaving Apollo and would not be replaced. Mr. Zupan will be leaving the firm for personal reasons, the memo stated.
The council is considering reallocating the assets to a fund that invests across multiple credit markets. Mr. Wollmann said a search is not expected.
Separately, the council could hire six or seven managers to run a combined $2 billion in international equities as early as September, Mr. Wollmann said. The council launched an RFP in March as a result of a new asset allocation adopted last year. That RFP has closed.
