Sumitomo Mitsui Trust announces investment of $1.5 bln in Apollo funds (updated)

Sumitomo Mitsui Trust

07/07/2022 24:53

(Updates throughout, adds quotes)
    TOKYO, July 7 (Reuters) - Sumitomo Mitsui Trust Holdings
 8309.T  announced in a statement on Thursday it will invest
$1.5 billion in funds run by Apollo Global Management  APO.N 
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 Nikkei business daily reported the partnership earlier
on Thursday.
    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.
    

 (Reporting by Makiko Yamazaki
Editing by Chris Reese)
 ((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))