Kentucky to invest in European real estate

The $13.5 billion Kentucky Retirement Systems is considering a commitment of €50 million ($56.5 million) to Patron Capital V, according to recent meeting documents.

The value-added fund is managed by Patron Capital Advisors and is seeking to raise €750 million ($821.5 million). The fund will invest in distressed properties and property-related businesses in Western Europe. Investors in the fund include the Merced County (Calif.) Employees’ Retirement Association and the Arizona Public Safety Personnel Retirement System. 

The retirement system has a 5 percent target allocation to real estate.