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Apollo Raises US$ 17.5 Billion Private Equity Fund with SWF Commitments

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Apollo Global Management, LLC issued a press release today marking the close of private equity fund Apollo Investment Fund VIII, L.P., on December 31, 2013 with US$ 17.5 billion of commitments from third party investors. Apollo’s private equity segment had assets under management of around US $43 billion of as of September 30, 2013.

Fund VIII is maintaining Apollo’s strategy by engaging in contrarian, value-oriented private equity investments by utilizing three types of investments: corporate carve-outs, distressed investments and opportunistic buyouts. Target opportunities in equity investments will be around US$ 300 million to US$ 1.5 billion and is planning to have a portfolio consisting of approximately 20 to 25 companies.

Institutional investors like the California Public Employee’s Retirement System (CalPERS) committed US$ 500 million to the fund, while the Pennsylvania Public School Employees’ Retirement System committed US$ 200 million.

Flagship Fund Performance As Of 3/31/2013[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

China’s Central Bank Creates Macro-Prudential Management Bureau

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The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Like its U.S. Peers, Legg Mason Seeks to Trim Costs

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Legg Mason Inc., a Baltimore-based asset manager, has announced a reduction in workforce as is prepares to streamline operations and save money. Legg Mason’s leadership commented that assets under management fell 5 % year-on-year. Legg Mason currently manages US$ 727.2 billion (as of December 31, 2018), which is down from the previous US$ 767.2 billion. CEO Joseph A. Sullivan noted that a global operating platform will centralize fund administration, IT, and other departments that work with affiliates. Sullivan did not discuss the number of layoffs expected, or specify which areas would be impacted. Legg Mason disclosed they planned to close a quarter of its exchange-traded funds in March 2019. These three ETFs include a U.S. strategy, emerging markets, and a developed markets strategy outside the U.S. However, these funds run around US$ 28 million in assets under management.

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Monetary Authority of Singapore Establishes Corporate Governance Advisory Committee

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On February 12, 2019, the Monetary Authority of Singapore (MAS) revealed the creation of a Corporate Governance Advisory Committee (CGAC). CGAC was formed to advocate for good corporate governance practices among listed companies in Singapore. Bobby Chin, Director of Singapore Telecommunications Limited, will be the Chair of CGAC. According to a MAS press release, “CGAC will identify current and potential risks to the quality of corporate governance in Singapore.”

MAS formed the Corporate Governance Council (Council) in February 2017. The Council was dissolved after it pushed out a publication of its final recommendations on August 6, 2018.

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