The London Pensions Fund Authority (LPFA) announced that it has selected an affiliate of Apollo Global Management, LLC and its subsidaries (Apollo) as its alternative credit manager.
Apollo is set to overseethe LPFA’s £15m allocation to alternative credit including distressed debt, real estate debt, leveraged senior loans and private lending. The appointment was made after a two-part tender process, which saw approximately 35 managers shortlisted to four, before the final selection.
Apollo’s mandate will be unconstrained and target absolute returns by investing across a number of higher yielding debt markets. While it is expected that the majority of investments will be made within developed markets, there is also scope for allocations to emerging markets.