Kentucky Retirement Systems, Frankfort, committed $195 million to three alternatives firms.
KRS hired AMERRA Capital Management to run an initial $100 million in its agricultural lending strategy and committed $50 million to MTP Energy Opportunities Fund II, managed by Magnetar Capital, said David Peden, chief investment officer.
KRS previously committed $73 million to Magnetar MTP Energy Fund in 2013.
The allocations, approved by the KRS board last week, are part of its real-return portfolio, which has a 10% target.
Real-return consultant Albourne Partners assisted.
In private equity, KRS committed €40 million ($45.8 million) to Keyhaven Capital Partners. Of that total, €20 million will be committed to Keyhaven Capital Partners IV and the remainder will be for co-investments. Private equity consultant Pension Consulting Alliance assisted.
KRS has a 10% target allocation to private equity.
KRS administers an $11.5 billion pension fund and $4.1 billion insurance fund.