Addition by subtraction

November 01, 2011   Anastasia Donde


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...

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