Boston Retirement System committed $15 million to Kayne Private Energy Income Fund III.
The $6.3 billion pension fund's board approved the commitment to the oil and gas fund managed by Kayne Anderson Capital Advisors at its June 21 meeting, recently released meeting minutes show.
The pension fund issued an RFP in September 2022 for energy and infrastructure funds. The other finalists for the energy fund search were Carlyle Group and NGP Energy Capital Management.
As of May 31, the pension fund's actual allocation to private equity and debt was 11.2%; the target is 11%.
Investment consultant NEPC assisted.