Apollo trims CalPERS' management, carried-interest fees

04/20/2010 | Reuters

Private-equity firm Apollo is going to reduce the fees it levies on the $2 billion it manages for the California Public Employees' Retirement System -- a move that will amount to a $125 million savings during the next five years for the pension fund. The cuts include a 0.2% reduction in the management fee and a 1.3% cut to the carried interest. Josh Lerner, a Harvard Business School professor who studies private equity, says such concessions are more likely now for large institutional investors.

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