Sumitomo Mitsui Trust announces investment of $1.5 billion in Apollo funds

TOKYO :Sumitomo Mitsui Trust Holdings announced in a statement on Thursday it will invest $1.5 billion in funds run by Apollo Global Management and form a strategic partnership with them.

The two will form a partnership that involves private equity, real estate and infrastructure, said a source who declined to be identified. "The decision to make this investment is based on our belief that investing in this alternative asset strategy can produce less correlated, equity-like returns and low volatility," Sumitomo Mitsui Trust Holdings President Toru Takakura said in the statement.The partnership will involve creating a framework in which pension funds and individuals residing in Japan can invest in Apollo's private equity, the report added.

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