Kansas Public Employees Retirement System, Topeka, made three commitments totaling up to $300 million, spokeswoman Kristen Basso said in an email.
The $21.1 billion pension fund committed up to $200 million to CBRE U.S. Core Partners, an open-end core real estate fund managed by CBRE Global Investors, and up to $50 million each to Ares Corporate Opportunities Fund VI, a global flexible buyout fund managed by Ares Management, and Waterton Residential Property Venture XIV, a value-added real estate fund managed by Waterton that invests in multifamily properties in major U.S. markets.
KPERS previously committed up to $50 million to CBRE Strategic Partners U.S. Value 8 in 2017, up to $75 million to Ares Corporate Opportunities Fund V and up to $50 million to Waterton Residential Property Venture XIII in 2018.
As of Dec. 31, the actual allocations to real estate and alternatives were 9.5% and 7.8%, respectively; their respective targets are 11% and 8%.
Separately, the pension fund's board approved the termination of Tortoise Capital Advisors from its master limited partnership portfolio. Assets will be "rebalanced accordingly," Ms. Basso said. She said the termination was the result of the pension fund’s efforts to reduce its allocation to yield-driven assets.
