The limited partner chose Ennis Knupp & Associates to serve in the role, though the selection is subject to successful contract negotiations, Sandra Bush, spokesperson for the LP, told Buyouts. The $11.4 billion pension fund concluded its search in June.
The Chicago-based firm will assist the LP in the selection, monitoring, and evaluation of its investment programs and investment managers, including reviewing asset allocations, tracking top-tier investment managers and reporting on the state of investment markets, including detailed reviews of the public and private equity, fixed income and real estate markets.
According to its meeting minutes from March 16, Kentucky Teachers’ Retirement System will continue to explore new investment opportunities and asset classes; the staff is reviewing high yield bonds, distressed debt, secondary private equity investments and other areas. The pension fund is in the initial stages of its private equity investment program, begun about three years ago, and intends to grow the program “with a disciplined plan of commitments over the next several years,” according to its most recent annual report. It also aims to diversify by firm, country, strategy and vintage year.
The LP has exposure to venture capital and buyouts via direct funds and through a fund of funds. Private equity managers include
As of Dec. 31, the LP’s alternative investments allocation, which can include private equity, timberland, venture capital and infrastructure, stood at 1.4 percent. The LP cannot commit more than 10 percent to alternatives, according to its investment policy.