US - Alternatives manager Apollo Global Management announced it received US$750m from a US public pension fund to create a separately managed account (SMA), and said it expects institutional interest in SMAs to continue to grow.
In a filing with the Securities and Exchange Commission this week, Apollo said the separately managed account, the Apollo Palmetto Strategic Partnership, had a total of $759m in assets as of September 30 and was created to invest in the firm's private equity and capital markets funds.
Some $9m came from Apollo, with the remainder coming from a single large investor. The firm did not name the investor in the filing, and spokesman Steven Anreder declined to provide details beyond those in the filing.
The filing said: "Institutional investors are expressing increasing levels of interest in SMAs, since these accounts can provide investors with greater levels of transparency, liquidity, and control over their investments as compared to more traditional investment funds. Consequently, we expect our (assets under management) through SMAs to continue to grow over time."
As of September 30, Palmetto had committed over $250m to Apollo's European non-performing loans and private equity funds, the filing said.
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