Arkansas Teacher Retirement System, Little Rock, committed a total of up to $50 million to Insight’s Equity II fund and Mezzanine Fund I; and up to $25 million to the Franklin Park Venture Fund Series 2009 fund, confirmed Christa Clark, chief counsel.
The board of the $10 billion system approved the moves Monday.
Also, the board authorized its consultant, Ennis Knupp, to conduct an invitation-only search for a separate account manager to run the system’s $311 million direct-owned real estate portfolio, which consists of about 15 properties in Arkansas.
Currently, the system’s staff manages the portfolio. The board wants to find a real estate asset manager acting as a fiduciary to alleviate the burden on the staff, Ms. Clark said.
The board hopes to have a manager hired in the first quarter, she said.
