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Finance

Sumitomo Mitsui Trust to invest $1.5bn in Apollo funds under tie-up

Banking group will offer small players easier access to alternative investments

Sumitomo Mitsui Trust Holdings is one of Japan's largest trust bank groups. (Photo by Tetsuya Kitayama)

TOKYO -- Japan's Sumitomo Mitsui Trust Holdings plans to enter a business partnership with Apollo Global Management that will eventually enable Japanese individuals and pension funds to buy into funds operated by Apollo, the companies announced on Thursday, confirming an earlier Nikkei report.

Sumitomo Mitsui Trust Bank, a unit of the banking group, will invest $1.5 billion in Apollo funds in areas including private equity, real estate and infrastructure under the tie-up.

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