Kansas Public Employees Retirement System, Topeka, approved a new real estate commitment and changes to its target allocation, including increases to fixed income, real estate and private equity.
The $24.3 billion pension fund's board approved a commitment of up to $60 million to value-added real estate fund Waterton Residential Property Venture XV at its May 26 meeting, spokeswoman Kristen Basso said in an email.
KPERS previously committed up to $50 million to Waterton Residential Property Venture XIV in 2020.
Separately, the board also at the May 26 meeting approved a new target allocation, which includes increasing the targets to real estate to 15% from 13%, core fixed income to 13% from 10%, yield driven to 12% from 6% and private equity to 11% from 9%.
Targets being decreased are global equity to 43% from 47%, real return to 3% from 11% and cash equivalents to 3% from 4%.
Ms. Basso said there is no additional information on any potential manager hires or terminations as a result of the target changes.
Finally, also at the May 26 meeting, the board approved terminating State Street Global Advisors from a $650 million passive international equity portfolio. Ms. Basso said the termination was made because the board decided to move the international equity to all active managers. Assets will be reallocated evenly to the pension fund's four existing active international equity managers Baillie Gifford, J.P. Morgan Asset Management, Lazard Asset Management and Wellington Management.
