Manchester (N.H.) Employees' Contributory Retirement System committed $4 million to Kayne Anderson Real Estate Partners V, an opportunistic real estate fund managed by Kayne Anderson Capital Advisors, said Gerard Fleury, executive director, in an email.
The $229 million pension fund's commitment is subject to a review of terms and conditions of the subscription agreements by legal counsel, Mr. Fleury said.
The pension fund's real estate/real assets allocation was 8.8% as of Dec. 31; the target is 10%. The pension fund previously committed $3 million to natural resources fund Kayne Anderson Energy Fund VII in 2016.
Investment consultant NEPC assisted.