Kentucky Teachers' Retirement System, Frankfort, committed a total of $235 million to four managers, said Gary Harbin, executive secretary.
The retirement system committed $30 million to Audax Mezzanine Fund IV, an alternative credit fund managed by Audax Group, on behalf of its $18.1 billion pension fund.
The commitment will fall under the pension fund's “additional categories” allocation, which has a 9% target allocation.
Separately, the pension fund and the retirement system's $500 million medical insurance plan, which funds retiree health benefits, committed $50 million and $10 million, respectively, to KKR European Fund IV, a pan-European buyout fund managed by KKR & Co..
Additionally, the pension fund and the retirement system insurance plan committed $50 million and $10 million, respectively, to Riverstone Global Energy and Power Fund VI, an energy fund managed by Riverstone Holdings, and $75 million and $10 million, respectively, to Oaktree Opportunities Fund X, a distressed debt fund managed by Oaktree Capital Management.
The KKR and Riverstone commitments will fall under the pension fund's alternatives allocation, which has a 5% target.
The pension fund previously committed $75 million to Oaktree's predecessor fund, Oaktree Opportunities Fund IX, in March 2012 and $50 million to Oaktree European Dislocation Fund in May 2013.