Kentucky Retirement Systems, Frankfort, committed a total of $225 million to three real-return funds at a recent board meeting.
The systems' board at its Dec. 22 remote meeting approved commitments of $75 million each to American Rivers Fund, an open-end fund that targets investments in marine transportation leasing managed by Maritime Partners; Arctos Sports Partners Fund II, a fund that purchases non-control stakes in professional sports franchises; and Ceres Farms, a farmland fund managed by Ceres Partners, a webcast of the meeting shows.
All are first-time commitments to the managers.
The Kentucky Retirement Systems' board oversees the investment management of the $3.2 billion Employees' Retirement System (Non-Hazardous), $848 million Employees' Retirement System (Hazardous) and the $563 million State Police Retirement System.
As of Nov. 30, those systems' actual allocations to real return were 2.2%, 2.9% and 1.8%, respectively. Each has a target of 10%.
