The New Hampshire Retirement System has approved a $50 million commitment to Apollo Global Management’s ninth dual equity and credit fund, Private Debt Investor has learned.
The public pension board approved the allocation to Fund IX at its meeting on Friday (21 April), a spokesman for the fund said. The funding will come from the NHRS’ short-term cash account when the capital is called.
The Apollo Fund IX is expected to target distressed debt and other credit investments, along with distressed equity buyouts and carve-outs, he added.
The pension declined to comment further. Apollo did not respond to media requests.
The New York-based asset manager’s Fund VIII had a total of $18.38 billion in capital raised as of 31 December, according to slides presented to the NHRS board last week. Launched in 2013, Fund VIII showed a net IRR of 13 percent last quarter.
Apollo specifically targets restructuring-related deals or distressed opportunities as part of its overall investment strategy. Earlier this month, the asset manager provided an $800 million bankruptcy financing to Westinghouse Electrical Company, as PDI reported.
Apollo’s credit platform has a total of $137 billion in assets under management, the slides show. That total compares with the firm’s overall AUM of $192 billion.
The Granite State pension manages the retirement plan assets of New Hampshire government employees, including firefighters, police officers and teachers. The pension’s overall funds totaled $7.68 billion as 31 December, according to its latest quarterly report.