SEPTEMBER 30, 2022

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Teachers’ Retirement System of Kentucky slates $65m for value-add Rockwood Capital fund

by Kali Persall

The Teachers' Retirement System of Kentucky has approved a commitment of up to $65 million to Rockwood Capital Real Estate Partners Fund XII, according to a recent board meeting document.

Managed by Rockwood Capital, Fund XII will invest in office and other workspace properties, multifamily residential, retail and hotel assets in the United States. Investments will be structured as equity or debt, including various hybrids such as participating debt and preferred equity. As a value-add vehicle, Fund XII will employ active asset management to reposition, re-lease and/or develop real estate assets but will not pursue investment opportunities predicated on significant land entitlement.

As of June 30, Kentucky TRS had $1.7 billion of real estate assets under management. The pension fund has a 7.6 percent actual allocation to the asset class, against a 7 percent ta

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