Kentucky County Employees’ Retirement System, Frankfort, committed up to $65 million to Strategic Value Partners Continuation Vehicle for Project Spurs.
The retirement system's board approved the commitment at its Oct. 10 meeting, a webcast of the meeting showed.
Spurs is a 41-mile toll road asset in Texas between Austin and San Antonio, and is a 9% position in Strategic Value Special Situations Fund IV, a special situations fund also managed by Strategic Value Partners.
SVP “has created a CV structure as they see compelling value in owning Spurs for several years beyond Fund IV’s term, which expires in 2025,” according to a presentation included with meeting materials.
SVP is raising $1.45 billion for the continuation vehicle, and two large investors are anchoring the CV with a total of $500 million, according to the presentation. The names of the investors weren't provided.
The retirement system consists of two pension funds: the $9.6 billion County Employees' Retirement System (Non-Hazardous) and the $3.4 billion County Employees' Retirement System (Hazardous).
