Was there was any real doubt as to whether top pensions funds would get nervous about the current problems all these sponsor-backed deals? CalPERS has answered by upping its stake in Apollo Management. According to Financial News Online, it has purchased a 10% stake in Apollo Management's holding company. The $250 billion pension is hardly betting the farm. But it is clearly comfortable with its private equity program. And why not?  As of March, its 2001 investment in Apollo's fifth fund earned a 40.5 percent return. Other investments have also fared well. Other top pensions seem in general much more comfortable with private equity than with hedge funds.  

For more:
- here's the Financial News Online article

Related articles:
- CalPERS a model for other pensions
- Pensions still clamoring for hedge funds?