Searches and Hires

Kentucky Teachers slates $170 million for 3 funds, posts 10.8% FY return

Kentucky Teachers' Retirement System, Frankfort, made three new private equity commitments totaling $170 million, said Gary Harbin, executive secretary, in an email.

The retirement system committed $50 million each to Audax Private Equity Fund VI, a middle-market private equity fund managed by Audax Group; KKR European Fund V, a pan-European buyout fund managed by KKR & Co.; and Hellman & Friedman Capital Partners IX, a trans-Atlantic buyout fund, on behalf of the $19.8 billion pension fund. The retirement system also committed $5 million, $5 million and $10 million, respectively, to those funds on behalf of its $1 billion medical insurance plan, which funds retiree health benefits.

The pension fund previously committed $30 million to Audax Mezzanine Fund IV, $50 million to KKR European Fund IV and $50 million to Hellman & Friedman Capital Partners VIII in 2014.

Separately, the retirement system returned 10.81% for the fiscal year ended June 30. A breakout of asset classes was not immediately available. For the three, five and 10 years ended June 30, the respective annualized returns were 8.16%, 9.44% and 8.02%. The retirement system returned a gross 15.37% for the fiscal year ended June 30, 2017.

As of March 31, the actual asset allocation was 63.5% domestic and international equities, 15.8% fixed income, 7.2% additional categories, 6.4% alternative investments, 5.7% real estate and 1.4% cash equivalents. June 30 figures could not be learned.

Mr. Harbin could not be immediately reached to provide further information.