The $12.5 billion Kentucky Retirement System has committed up to $40 million to Keyhaven Capital, which is raising its third European mid-market focused buyout fund.
Adam Tosh, chief investment officer of the Kentucky pension, said Keyhaven is targeting around €400 million for its third fund.
We reserve the capacity until either we find the right things for us or we make sure we have that liquidity covered.
Kentucky has also tried to take advantage of debt and secondaries opportunities this year, investing $50 million in Commerce Street Income Partners Fund II, a distressed debt fund, and $26 million to the Camelot Acquisitions: Secondary Opportunities fund, which is targeting $250 million to $300 million.
Kentucky probably will not make any more commitments to private equity funds the rest of 2009. The pension does not have a specific dollar target for the amount it would like to commit to private equity, Tosh said. Kentucky has an allocation target of 12 percent, which includes private equity and real estate.
“We reserve the capacity until either we find the right things for us or we make sure we have that liquidity covered,” Tosh told PEO.