Calpers takes stake in Apollo

Calpers, California's public employee pension fund, is taking a $600m ($435m) holding in private equity firm Apollo Management Group as the buyout group raises its largest fund.

Calpers, the largest pension fund in the US with $247.7bn in assets, approved the transaction at a board meeting in June. When the transaction closed in July, Calpers owned 10% of Apollo Management's holding company.

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