Kentucky Retirement Systems, Frankfort, hired Wilshire Consulting as its general investment consultant and invested $300 million total with two credit managers, said David L. Eager, interim executive director. An RFP was issued this summer for a firm that could provide general investment consulting services, with the exception of real estate. Wilshire will also take on a discretionary role for other alternative asset classes outside of real estate.
KRS' previous private equity consultant, Pension Consulting Alliance, and public securities consultant, RVK, rebid. RVK was a finalist. ORG Portfolio Management will remain the retirement system's real estate consultant.
The retirement system has roughly $12 billion in pension assets and $4.8 billion in insurance assets.
As of June 30, the pension funds in KRS' pension funds had asset allocation ranges of 21%-27% international equity; 19%-25% U.S. equity; 9%-13% private equity; 8%-9% real return; 7%-12% credit bonds; 7%-8% absolute return; 5%-9% global bonds; 4% real estate; 3%-4% cash; and 2%-5% core fixed income.
Separately, KRS hired White Oak Advisors and Benefit Street Partners to manage $150 million each in private credit strategies. Funding is coming from rebalancing.
