The London Pensions Fund Authority (LPFA) has hired Apollo Global Management to manage a £150m alternative credit portfolio.
The unconstrained mandate will target absolute returns by investing across high yield assets in both developed and emerging markets, including distressed debt, real estate debt, leveraged senior loans and private lending.
The appointment was made as part of a newly-created national framework of four managers, selected from an initial list of 35, from which other local government pension schemes will be able to select for mandates, without having to complete a full European tender process.
The other managers on the framework are Ares Management, Babson Capital and GSO Capital. The framework will remain operational until February 2019.
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