Apollo Credit Opportunity Fund III LP Investment Recommendation. April 17, 2014 Board of Retirement Meeting
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1 Apollo Credit Opportunity Fund III LP Investment Recommendation April 17, 2014 Board of Retirement Meeting
2 Disclosures The opinions expressed in these materials represent the personal views of Salient s investment professionals and are based on their broad investment knowledge, experience, research and analysis. However, market conditions, strategic approaches, return projections and other key factors upon which the views presented in these materials are based remain subject to fluctuation and change. Consequently, it must be noted that no one can accurately predict the future of the market with certainty or guarantee future investment performance. This presentation does not constitute an offering of any security, product, service or fund. No investment strategy can guarantee performance results. Past performance is no guarantee of future results. All investments are subject to investment risks, including loss of principal invested. Salient research has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Salient recommends that investors independently evaluate particular investments and strategies, and encourage investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor s individual circumstances and objectives. Investment advisory and research services provided by Integrity Capital, LLC, a registered investment advisor. Registration as an investment advisor does not imply a level of skill or training. Salient Partners, L.P. is the parent company of Integrity Capital, LLC. Salient Partners, L.P. and affiliates do not provide tax or legal advice. 2
3 Apollo COF III Investment Overview Recommend to the Board a $100 million allocation to Apollo Credit Opportunity Fund III LP The investment will be held in the Other Investments asset class due to the nature of the investment and in line with the flexibility provided by the Investment Policy Statement of SDCERA The fund will target less liquid credit opportunities across a broad platform stemming from secular change, cyclical change and the managers proprietary origination capabilities Integrity Capital LLC
4 Other Investments in the SDCERA Portfolio Article 1 Section 9 of the IPS authorizes the board to approve up to a 5% Fund-level allocation to opportunistic investments that do not fall within the asset class limitations and tracking error limits. Apollo COF III qualifies under Article 1 Section 9 given the illiquid nature of the fund structure and the relative illiquidity of the underlying assets. Integrity Capital LLC
5 Proposed Asset Class Allocation Other Investments (1) Current Exposure (2) Proposed Additions (3)= 1+2 Pro-Forma Exposure (4) Exposure Target (5)=(4)-(3) Pro-Forma Room for Future Additions Growth Oriented Portfolio 41.20% % 40.00% -1.20% Stable Value Portfolio 62.10% % 70.00% 7.90% Inflation Sensitive Portfolio 24.70% % 25.00% 0.30% Other Investments 1.38%* +1.02% 2.40 % 0.00% 2.60% Total SDCERA Trust % +1.02% % % 4.60% * Exposure based on committed capital actual exposure invested exposure is 0.2% Integrity Capital, LLC Current exposure s as of 3/31/2014 5
6 Apollo Credit Opportunity Fund III LP Investment Rationale Opportunistic mandate across the credit markets Capitalize on the opportunities created by secular change Proprietary origination and financing deals traditionally dominated by banking franchises Allocate to distressed opportunities as the cycle turns Bank deleveraging leads to distressed portfolio sales Covenant lite lending and low quality issuance should lead to distressed opportunities in the future Apollo s credit platform is well positioned for an opportunistic credit mandate Experienced and well resourced team with 137 investment professionals Integrated platform across asset classes and geographies with deep industry knowledge Attractive terms A 1.25% management fee, only on invested capital should mute the J-curve effect 8% hurdle on performance fees 6
7 4265 San Felipe, 8th Floor Houston, Texas Phone: Fax: salientpartners.com
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