The Kentucky County Employees’ Retirement System has committed $350 million to two private credit funds managed by Adams Street Partners.
A re-up commitment of up to $175 million was allocated to Adams Street Partners Senior Private Credit Fund III. In addition, up to $175 million was also committed to its co-investment sidecar vehicle.
The investment was approved at the March 9 board meeting.
The Kentucky Public Pensions Authority oversees the County Employees Retirement System and the Kentucky Retirement Systems.
As of December 31, 2022, the pension fund allocates 21.25% to Specialty Credit, while they target 10% to the asset class respectively.
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