Arkansas Teacher Retirement System, Little Rock, committed up to $75 million to three alternative investment funds, said Rod Graves, deputy director of the $16.1 billion pension plan.
At its Monday meeting, the board committed $35 million to GCG Investors V, a mezzanine fund from Greyrock Capital Group focused on debt and equity securities in the small and lower middle-market with imminent need.
The state teacher retirement system also committed $20 million each to two buyout funds managed by Thoma Bravo: Thoma Bravo Discover Fund III, which specializes in software companies in the U.S. with imminent need; and Thoma Bravo Fund XIV, which focuses on larger market software companies with imminent need.
The board also agreed at the meeting to redeem its positions in three total equity funds managed by Allianz Global Investors: AllianzGI Structured Alpha Global Equity 250, AllianzGI Structured Alpha Global Equity 350 and AllianzGI Structured Alpha Global Equity 500. As of 2016, the pension plan had $900 million in all three funds. The proceeds will go to BlackRock’s Global Index Fund and rebalancing.
Mr. Graves did not disclose why the funds are being terminated. AllianzGI spokeswoman Robin Pertusi could not be immediately reached for comment.