# Federal-Mogul Pension Plan

Federal-Mogul Pension Plan is a Pension Fund based in Northville, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Northville, United States
- **Region:** North America
- **Address:** Northville, MI, United States
- **Assets under management:** Undisclosed
- **Website:** mybenefits.benefitcenter.com/federalmogul

## Regulatory record

- **Reports private funds:** No

## About

Federal-Mogul, founded in 1899 as Muzzy-Lyon, became a stalwart of American auto-parts manufacturing, producing bearings, pistons, and seals for nearly every major automaker. Its pension plan is a defined-benefit scheme that provides monthly retirement benefits calculated on years of service, age, and compensation. The plan's fortunes shifted with the sponsor: activist investor Carl Icahn took control of Federal-Mogul in the early 2000s, and in 2018 auto-parts rival Tenneco Inc. acquired the business. In 2022, Tenneco itself was taken private by Apollo Global Management, making the plan a defined-benefit obligation inside a private-equity portfolio company. The plan allocates to external managers rather than building direct origination teams. Known commitments span event-driven, value-oriented, and activist hedge fund strategies. Previous and ongoing relationships include Corvex Management, the concentrated-value operation run by Keith Meister; Elliott Investment Management, Paul Singer's multi-strategy activist firm; and JANA Partners, the sector-agnostic engagement fund. The plan also holds residential real estate exposure via a direct investment in American Homes 4 Rent, a single-family rental REIT based in Las Vegas. Geographically, the mandate centers on North American markets, consistent with a domestic pension obligation concentrated in Michigan and the industrial Midwest. The Tenneco Benefits & Pension Investment Committee governs the plan, serving as the named fiduciary responsible for asset allocation and manager selection. The committee operates within Tenneco's corporate treasury and benefits structure, with oversight from Apollo's private-equity operations team. November 2022: Apollo Global Management completed its acquisition of Tenneco Inc., bringing the Federal-Mogul Pension Plan and its investment portfolio under Apollo's ultimate control (per Apollo Global Management, November 2022). The plan's structural position is unusual: a legacy DB obligation from a century-old industrial company now sits inside a private-equity sponsor's portfolio. That creates a distinct set of incentives around liability management, termination annuities, and potential pension-risk-transfer transactions that differ from a standalone public company's pension governance. How Apollo chooses to manage the long-duration liability against its broader Tenneco investment thesis will define the plan's trajectory.

## Sectors

- Real Estate
- Hedge Funds

## Questions

### How is the plan related to Apollo Global Management?

Apollo Global Management acquired Tenneco Inc., which owns the Federal-Mogul business and sponsors the pension plan, in a take-private transaction that closed in November 2022. The plan remains a legacy corporate defined-benefit obligation, but its sponsor now operates within a private-equity portfolio company structure rather than as a standalone public corporation.

### Which external managers does the plan invest with?

Based on public pension disclosures and known mandate relationships, the plan has committed to Corvex Management, Elliott Investment Management, and JANA Partners across activist and event-driven hedge fund strategies. It also holds a direct residential real estate investment in American Homes 4 Rent.

## Related profiles

- [Federal Ministry of Finance](https://altss.com/profile/federal-ministry-of-finance)
- [Federal Reserve Employee Benefit System](https://altss.com/profile/federal-reserve-employee-benefit-system)

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Last updated: 2026-06-03T20:00:00.000Z

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