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Corporate Moves

Hirtle Callaghan Creates New Client Engagement Role

Brings on Hartford Funds’ Erica Evans to further the firm's client-centric model.

By Bailey McCann

Philadelphia-based Hirtle Callaghan, the $20 billion firm that created the outsourced CIO model, has hired Erica Evans to the newly created role of head of client engagement. Evans will work closely with the investment team to further the firm’s client-centric model.

Hirtle Callaghan currently oversees family, endowment, foundation, healthcare, and pension assets in 46 states. The firm says its OCIO model is conflict-free and, with the inclusion of Evans, will become more high-touch.

Evans was most recently head of sales strategy & institutional partnerships at Hartford Funds, a position she took over in 2012. Prior to joining Hartford Funds, she was head of institutional business at ING Investment Management. Evans has a background in investment management and mortgage underwriting.

“Erica has an impressive track record in the investment and financial services industry,” said Chief Executive Officer Ranji Nagaswami in a statement announcing the new role.

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In addition to refining its value proposition, Hirtle Callaghan has been having a bit of a growth spurt recently. The firm opened an office in San Francisco in February, bringing on Dan Eagan from Alliance Bernstein to head up client expansion efforts in Northern California. The San Francisco office will work with another office in Scottsdale, Arizona, to solidify the firm’s presence in the Western US.

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Home > News > Newsmakers > Apollo Secures $24.6 Billion for Largest Private Equity Fund Ever
Newsmakers

Apollo Secures $24.6 Billion for Largest Private Equity Fund Ever

Strong historical returns and booming investor interest in asset class allow for record raise.

By Vishesh Kumar

Apollo Global Management raised $24.6 billion for its Apollo Investment Fund IX according to SEC filings on Wednesday, making it the largest private equity fund ever. The move comes as private equity fundraising is on par to reach record levels and rivals are raising their own megafunds.

The fund surpasses Blackstone Capital Partners V, which closed on $21.7 billion in 2007, to become the largest fund ever raised, according to research firm Pitchbook. It’s $6 billion larger than Apollo’s eighth fund, which raised $18.4 billion in 2013.

That fund has generated a net internal rate of return (IRR) of 16%, Apollo said in its May investor presentation. Its seventh fund posted a net IRR of 26%, and the fund prior posted a net IRR of 9%. Dating back to 1990, its private equity funds have had an overall net IRR of 25%, according to its investor presentation.

Apollo previously had total assets under management (AUM) of $197 billion, with $45 billion in private equity, $141 billion in credit, and $12 billion in real estate.

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Public pensions are its largest investor base and account for 33%, followed by sovereign and governmental investors at 21%, according to investor presentations.

Of the prior $44.6 billion in its private equity portfolio, $12 billion was in dry powder—or uninvested capital—as of May.

Apollo has previously bought ADT, Fresh Market and Rackspace Hosting, among other high-profile acquisitions.

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