GLOBAL - Stichting Pensioenfonds ABP and State Street Global Advisors have expanded their State Street Global Alliance partnership with an extra $1.1bn (€830m).

They've announced they will commit $100m in acquisition capital and $1bn in seed capital to the alliance, which backs early stage asset managers. A State Street spokesperson said the alliance is a nearly 50-50 equal joint venture with ABP and that the committed capital is in equal amounts.

"Through this commitment of additional financial resources, Global Alliance is actively seeking additional opportunities for investment," the two institutions said.

The alliance was formed in 2001 and today its seven companies collectively manage more than $18bn in assets.

"ABP, together with SSGA, recognized very early that the smaller, niche firms offering non-traditional strategies are often where the greatest opportunities lie for value creation," said Paul Spijkers, chief investment officer of alternative investments of ABP.

"Global Alliance offers its member companies an attractive partnership structure with strong incentives and an established platform for growth."

"The structure of Global Alliance is a win-win scenario in which SSGA and ABP can access the capabilities and expertise of smaller, more entrepreneurial firms, while simultaneously providing our member companies with financial resources and distribution support that they wouldn't otherwise be able to access," said Jared Chase, chairman of Global Alliance.

"Our successful track record, coupled with the role that our member companies play in generating alpha for our clients, has motivated SSGA and ABP to commit additional funds to this partnership."