Arkansas Teacher Retirement System, Little Rock, committed a total of $550 million to 11 investment funds, confirmed Rod Graves, deputy director of the $21.2 billion pension fund, in an email.
At its meeting Monday, the board agreed to commit $95 Million to Juniperus Insurance Opportunity Fund, an insurance fund managed by Pillar Capital Management.
It also committed $70 million each to two open-end real estate funds: Morgan Stanley Prime Property Fund, a core fund focused on income-producing properties managed by Morgan Stanley Investment Management; and RREEF Core Plus Industrial Fund, a core-plus fund specializing in industrial assets managed by RREEF America.
Funding for these two commitments will come from partially redeeming its position within the J.P. Morgan Strategic Property Fund, an open-end real estate managed fund by J.P. Morgan Asset Management. After the redemption, the retirement system will still have about $140 million in the Strategic Property Fund.
The board also committed $55 million to LBA Logistics Value Fund IX, a value-add real estate fund managed by LBA Realty focused on acquiring U.S. industrial properties with imminent need.
In addition, the board committed $50 million each to Chatham Asset Private Debt and Strategic Capital Fund III, a credit fund managed by Chatham Asset Management, and LaSalle Asia Opportunity VI, a pan-Asian opportunistic real estate fund managed by LaSalle Investment Management; and $40 million to Almanac Realty Securities IX, a value-added real estate fund managed by Almanac Realty Investors.
Finally, the retirement system committed $30 million each to Bison Capital Partners VI, a private equity and debt fund managed by Bison Capital Asset Management focused on hybrid debt and equity investments in small- to middle-market companies; Clearlake Capital Partners VII, a private equity special situations and value fund managed by Clearlake Capital Group; Franklin Park Venture Fund XIV, a fund of funds investing in venture capital private equity funds; and Franklin Park Corporate Finance Access Fund II, a fund of funds investing in smaller buyout, growth and turnaround private equity funds.
The fund commitments were made at the recommendation of the board's investment consultant, Aon Investments USA.