KRS confirms $500m in commitments

The US public pension has backed two vehicles managed by Adams Street Partners.

Institution: Kentucky Retirement Systems
Headquarters: Frankfort, United States
AUM: $18.41bn
Allocation to alternatives: 13.5%
Bitesize: $100-200m

Kentucky Retirement Systems has agreed to commitments of $250 million apiece to two vehicles managed by Adams Street Partners, according to the pension’s November 2019 board meeting materials.

The vehicles in question comprise of corporate senior debt-focused Adams Street Partners Private Credit Fund II and an aligned co-investment sidecar vehicle which will invest alongside the parent fund.

As illustrated below, KRS’ last five private debt commitments have included four vehicle types whereby the pension has been the sole investor: three separately managed accounts as well as the aforementioned co-investment sidecar.

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