Kentucky Teachers assigns up to $130 million to 2 Carlyle funds
Carlyle Group totaling up to $130 million.
The $23.9 billion pension fund committed up to $80 million to opportunistic real estate fund Carlyle Realty Partners IX and up to $50 million to open-end infrastructure fund Carlyle Renewable & Sustainable Energy Fund, said Robert B. Barnes, deputy executive secretary and general counsel.
The pension fund previously committed $52 million to Carlyle Europe Partners V in 2018.
As of Dec. 31, the pension fund’s actual allocation to alternative investments was 6.5%; the target is 7%.
Related Articles
Lawmakers vote to revamp Kentucky Teachers pension plan
Kentucky state Rep. C. Ed Massey
The Kentucky House of Representatives voted to approve a bill that would move participants in the Kentucky Teachers Retirement System, Frankfort, to a hybrid plan.
The House voted 68-28 in favor of the bill, which creates a tier for teachers hired after Jan. 1, 2022.
Rep. C. Ed Massey sponsored the bill because the $21.6 billion pension fund has a huge unfunded legacy, he said in a telephone interview.
The changes for teachers hired after Jan. 1 creates a true hybrid plan, Mr. Massey said. There s a defined benefit component and a defined contribution component. The idea is the defined benefit piece is a Social Security replacement, and the defined contribution piece becomes portable so it gives new hires the opportunity to move back and forth, Mr. Massey said.