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
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.
||Sean McGould: I
certainly don’t think of this as the easy
Photograph by Jeffery Salter
The move represents a shift in thinking by Robert Borden,
To continue reading please, take a free trial, subscribe or log in to Institutional Investor's Alpha.
*free trial allows access to online content excluding research, rankings and data.
Subscribers have unlimited access to all online content inc rankings. Start your subscription today - click on the button below.
Taking a free trial will give you access to online content one week (excludes research & rankings). Start your trial today.