Kentucky Retirement Systems, Frankfort, committed or invested a total of $140 million with five managers, said David Peden, interim chief investment officer and director of fixed-income assets.
The $15.5 billion pension fund committed $40 million each to Greenfield Acquisition Partners VII and Lubert-Adler Real Estate VII, managed by Greenfield Partners and Lubert-Adler Partners, respectively. Greenfield Acquisition Partners VII is a real estate fund focused on suburban office park and midlevel industrial parks. Lubert-Adler Real Estate VII focuses on multifamily, retail and mixed-use properties.
KRS previously committed $55 million to Greenfield Acquisition Partners VI. It is the first commitment to a Lubert-Adler fund.
Real estate consultant ORG Portfolio Management assisted with the commitments.
Separately, as part of KRS’ effort to build a program for direct investments in hedge funds, it invested $20 million each with three absolute-return managers: JANA Partners Qualified, event-driven; Scopia PX, equity market neutral; and LibreMax Partners, a securities credit fund managed by LibreMax Capital.
Absolute-return consultant Albourne Partners assisted.