Kentucky Retirement Systems, Frankfort, committed up to $35 million to Strategic Value Partners Continuation Vehicle for Project Spurs.
The systems’ board approved the commitment at its Sept. 12 meeting, a webcast of the meeting shows.
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 IV, a special situation fund managed by Strategic Value Partners. KRS had committed $65 million to Strategic Value Special Situations IV in 2018.
The manager “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 $500 million. The names of the large investors were not disclosed.
The Kentucky Retirement Systems are the $4.2 billion Employees' Retirement System (Non-Hazardous), $1 billion Employees' Retirement System (Hazardous) and the $651 million State Police Retirement System.
