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September 16, 2014 01:00 AM

Kentucky Teachers commits $200 million total to 3 managers

Meaghan Offerman
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    Kentucky Teachers' Retirement System, Frankfort, committed a total of $200 million to three managers, said Gary Harbin, executive secretary.

    The retirement system approved an initial commitment of $100 million to Babson Capital European Loan Fund on behalf of its $18.1 billion pension fund, Mr. Harbin said.

    The Babson fund is managed by Babson Capital Management and invests primarily in a diversified portfolio of senior secured loans issued by European companies, a news release from Babson Capital Management said.

    Separately, the pension fund and the retirement system's $500 million medical insurance plan, which funds retiree health benefits, committed $30 million and $10 million, respectively to Oaktree Mezzanine Fund IV, managed by Oaktree Capital Management.

    Additionally, the two funds committed $50 million and $10 million, respectively to Hellman & Friedman VIII, a trans-Atlantic buyout fund.

    Finally, the pension fund returned a net 18.1% for the fiscal year ended June 30, surpassing its benchmark of 17.4%.

    The pension fund's target allocation is 38% domestic large-cap equity; 19% international equity; 17% fixed income; 9% other, which includes high-yield bonds and bank loans; 5% alternatives, which includes private equity, timberland and infrastructure; 5% real estate, 3% domestic midcap equity; 2% small-cap equity; and 2% cash.

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