Addition by subtraction

November 01, 2011  

How South Carolina Retirement Systems’ CIO Robert Borden is teaming up with Apollo and Lighthouse to whittle down his exposures

  Sean McGould: I certainly don’t think of this as the easy way out
Photograph by Jeffery Salter
Apollo Global Management and Lighthouse Partners aren’t the only beneficiaries of the deal that the private equity shop and the hedge fund firm struck at the end of last year. While its 40 percent stake in Lighthouse, a $5.6 billion Palm Beach Gardens, Florida–¬based fund-of-funds firm that specializes in using managed accounts, will help Apollo deepen its offerings of hedge funds and improve Lighthouse’s access to institutional investors, a third, less obvious beneficiary is the South Carolina Retirement Systems. By funding about a third of Apollo’s investment in Lighthouse, South Carolina expects to quickly reduce the risk posed by its proliferating exposure to individual hedge fund managers and untimely liquidations by other investors.

The move represents a shift in thinking by Robert Borden, the pension...


Subscribers have unlimited access to all online content inc rankings. Start your subscription today - click on the button below.

Subscribe now

Free trial

Taking a free trial will give you access to online content one week (excludes research & rankings). Start your trial today.

Free Trial

Latest Poll

Will Herbalife's share price fall after it implements the changes mandated by its settlement with the FTC?

 - 83%
 - 17%

View previous results