LPFA Appoints Apollo As Alternative Credit Manager

For immediate release 19May 2015

Press release

LPFA appoints Apollo as alternative credit manager

The London Pensions Fund Authority (LPFA) announced today that it has selected an affiliate of Apollo Global Management, LLC (together with its consolidated subsidiaries, Apollo) (NYSE: APO), a leading global alternative investment manager,asits alternative credit manager.

Subject to final documentation,Apollo will oversee the LPFA’s £150 million allocation to alternative credit including distressed debt, real estate debt, leveraged senior loans and private lending.

The mandate willbe unconstrained and target absolute returns by investingacross a number of higher yielding debt markets. It is expected that the majority of investments will be made within developed markets;however, there is also scope for allocations to emerging markets.

Apollo’s appointment was made after a thorough two-part tender process, which saw approximately 35 managers shortlisted to four, before the final selection. Apollo’s expertise in alternative credit, strong investment track record and breadth of credit solutions will be essential in helping LPFA enter the alternative credit market.

The tender process undertaken by LPFA has also created a national framework that will allow other Local Government Pension Schemes to select any of the successful shortlisted managers for similar work in the future, without having to complete a full European tender process.

The four shortlisted managers includeApollo, Ares Management, Babson Capital and GSO Capital. The framework will remain operational until February 2019.

-ENDS-

For more information:

London Pensions Fund Authority
Louise Pollock / Bart Nash

+44 (0)20 7369 2656

Equus Communications (for LPFA)
Piers Hooper / Sam Barton


+44 (0)20 7223 1100

NOTES TO EDITORS

About the LPFA ()

The London Pensions Fund Authority (LPFA) administers a £4.8bn pension fund providing Local Government Pension Scheme benefits to almost 20,000 employees of 200 not for profit organisations and around 40,000 pensioners, many of whom used to work for the Greater London Council and the Inner London Education Authority.

As well as administering its own fund LPFA provides a comprehensive range of third party pension services from full administration and pensions payroll to staff placement, data cleanse projects, pension websites and benefit statements.

In total, the LPFA runs pensions for some ¼ million people.

About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $163 billion as of March 31, 2015 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit