Kansas PERS Commits $180M to PE, Reviews Target Allocations

The Kansas Public Employees’ Retirement System (PRES) approved two commitments to private equity totalling $180M and is assessing long-term target allocations, according to presentation materials from its September 12 investment committee meeting provided to Dakota by the pension.  

Kansas PERS committed €81.4M ($90M) to Bridgepoint Development Capital V LP and $90M to Stellex Capital Partners III. Mercer assisted with the recommendations. 

Additionally, during the meeting Meketa presented a proposal of new long-term target allocation targets. The new proposed allocation targets would decrease exposure to international equity with a new target of 18% (down from 22%), core fixed income with a recommended target of 12% (from 13%), non-core fixed income with a target of 8% (from 12%), and private real estate with a target of 12% (from 14%).

Meketa recommended an increased allocation target of 23% (from 22%) in US equity and 13% (from 3%) in private real assets. The consultant recommended leaving target allocations for private equity and cash equivalent exposures unchanged at 11% and 3%, respectively.

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