Arkansas Teacher Retirement System, Little Rock, committed up to $90 million total to three alternatives funds, said George Hopkins, executive director, in an email.
At its meeting Monday, the board of the $16.1 billion pension fund committed up to $30 million each to FPA Core Plus Fund IV, a closed-end core multifamily real estate fund managed by FPA Multifamily; SK Capital Partners V, a buyout fund managed by SK Capital Partners; and WNG Aircraft Opportunities Fund II, an infrastructure fund focused on commercial aircraft managed by WNG Capital.
The board also redeemed its $25 million investment with Brevan Howard, which was in an opportunistic global macro fund focused on fixed-income and foreign-exchange investments, to help fund previous commitments to two open-end opportunistic funds managed by Capital Fund Management and Man Group. The redemption was due to rebalancing its portfolio, according to board meeting minutes provided by Mr. Hopkins.
The commitment to FPA Multifamily was made at the recommendation of the board's general investment and real assets consultant, Aon Hewitt Investment Consulting. The commitments to SK Capital and WNG Capital were made at the recommendation of the board's private equity consultant, Franklin Park Associates.
ATRS had an 11.7% allocation to real estate and a 10.1% allocation to private equity as of Sept. 30.