FUNDRAISING NEWS | October 23, 2024
Tags: Pension Funds, Real Assets, New Investment
The Kentucky Public Pensions Authority (KPPA) approved a $60M commitment to a continuation vehicle managed by Strategic Value Partners (SVP) that represents a Texas toll road investment, according to materials from its October 10 board of trustees meeting.
As reported by Dakota in September, the KPPA said it planned to roll over all proceeds from SVP’s Strategic Value Special Situations IV, a fund expiring in 2025 which holds a 65% ownership stake in the 41-mile toll road running between Austin and San Antonio, into the SVP continuation vehicle, along with an additional $35M investment.
The SVP continuation vehicle is approved for an eight-year term, with three one-year extension opportunities. KPPA said funding will come from existing cash reserves or the unwinding of proxy positions based on the specific needs of each plan. Once fully funded, the allocation will represent an additional 0.3 to 0.4% of plan assets.
KPPA said the purpose of the investment is to provide its plans with exposure to unique, long-lived real assets with steady and growing cash flows. According to Dakota data, the Kentucky Public Pension Authority has $25B in managed assets.
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Written By: Dakota
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