Teachers' Retirement System (TRS)
State retirement system, based in Kentucky, reporting $26B in assets, for 148,329 participants.
Composed from this allocator's classification, location and filed figures.
What matters now
- 1re-up prospects
1 re-up prospect was flagged in the last twelve months: a manager it backed raising a successor fund.
Managers it already backs are raising again; a re-up decision is coming.
10 more managers, 19 more commitments and 29 more dated events
Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
People to know
View all people- Chief Investment OfficerWhy: Chief investment officer: owns the allocation decisionNo route on file yet
- Director of Investment AccountingWhy: Named with investment responsibilityNo route on file yet
- Executive SecretaryWhy: The record names them as a decision makerNo route on file yet
Capital path
who backs this record, through what, into what; each name opens its own path- Tom Siderewicz, CFAChief Investment Officer
- Gary L. Harbin, CPAExecutive Secretary
- Sarah C. MeehanDirector of Investment Accounting
- Strategic Partners Real Estate IX$75.0M committed
- Lexington Capital Partners XI$60.0M committed
- Fort Washington Private Equity Small Market Investors II$60.0M committed
Relationship network
40 connected entities22 observed commitments6 repeat counterparties$1.6B disclosed commitments (22 commitments)9 dated commitments shown here, 2025 to 2026
From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.
- Sponsor
- Fund or vehicle
- Service provider
- Person
›How strength and recency are read
Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Size, funding, policy and commitments, with their basesState retirement systemShowHide
Allocation policy
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash | Cash | 2.0% | reported trs.ky.gov | |||
| Fixed income | Fixed income | 15.0% | reported trs.ky.gov | |||
| High yield bonds | Fixed income | 2.0% | reported trs.ky.gov | |||
| Other additional categories | Other | 8.0% | reported trs.ky.gov | |||
| Private equity | Private equity | 7.0% | reported trs.ky.gov | |||
| Developed international equity | Public equity | 15.7% | reported trs.ky.gov | |||
| Emerging markets equity | Public equity | 5.3% | reported trs.ky.gov | |||
| Large cap U.S. equity | Public equity | 35.4% | reported trs.ky.gov | |||
| Small cap U.S. equity | Public equity | 2.6% | reported trs.ky.gov | |||
| Real estate | Real estate | 7.0% | reported trs.ky.gov |
Consultants and advisers
- AON Investments USA Inc General consultantthrough May 22, 2025 Board minutes
- Cavanaugh Macdonald Consulting Actuarythrough Jun 30, 2025 ACFR
Decision makers
- Tom Siderewicz, CFA · Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility; Confirmed current by a second source 2026-10-01
- Sarah C. Meehan · Director of Investment AccountingWhy this person: Named with investment responsibility; Confirmed current by a second source 2026-10-01
- Gary L. Harbin, CPA · Executive SecretaryWhy this person: The record names them as a decision maker; Confirmed current by a second source 2026-10-01
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
People
- Gary L. Harbin, CPA Executive SecretaryExecutive director / CEO
- Sarah C. Meehan Director of Investment AccountingInvestment officer
Manager roster
- TA Realty$176M, 2 rows, latest May 22, 2025
- Ares$135M, 2 rows, latest Feb 26, 2026
- Apax$120M, 2 rows, latest Feb 26, 2026
+10 more managers received commitments
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What changed
- Sep 23, 2026re up prospect resolvedreport dateinferenceRe-up prospect for Fort Washington Private Equity Small Market Investors III, L.P.: condition no longer holds; not judgedwith Fort Washington Investment Advisors Inc
- Sep 23, 2026Re-up prospectreport dateinferenceTeachers' Retirement System (TRS) holds Fort Washington Private Equity Small Market Investors II ($60M); the manager is raising: Fort Washington Private Equity Small Market Investors III, L.P. (fundraising, seen 2026-09-23); no commitment to it on the graphwith Fort Washington Investment Advisors Inc
- May 28, 2026Manager on watchKentucky Teachers' Retirement System Board of Trustees, Investment Committee (self-invested) places on watch Baillie Gifford and Baring International
- May 28, 2026Policy updatedKentucky Teachers' Retirement System Board of Trustees, Investment Committee (self-invested) adopts a policy change: asset allocation ranges and targets
- May 28, 2026Commitment approvedKentucky Teachers' Retirement System Board of Trustees, Investment Committee (self-invested) approves $60M to Lexington Capital Partners XIwith Lexington Capital Partnerstrs.ky.gov
+29 more dated events
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Commitments
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of May 28, 2026 | PGIM Large Cap Private Credit (LCPC) | Prudential Global Investment Management (PGIM) | Private credit | $125M | Approved | trs.ky.gov | |
| as of May 28, 2026 | Strategic Partners Real Estate IXsecondary | Strategic Partners Fund Solutions Advisors L.P. | Real estate | $75.0M | Approved | trs.ky.gov | |
| as of May 28, 2026 | Lexington Capital Partners XIsecondary | Lexington Capital Partners | Private equity | $60.0M | Approved | trs.ky.gov |
+19 more commitments
Every fund and manager this allocator committed to, with the amount, date and source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Size and funding
Commitment history
How the history is foldedOne line per vehicle, folded across the board’s own minutes and the plan’s later reports: when the item was proposed or recommended, when the board approved it, when the closing was dated, and when the position first showed up in a report. A line is closed only when a closing date exists; held means the plan reports the position without one on this graph.| Vehicle | Manager | Amount | State | Proposed | Approved | Closed | First reported | Other LPs |
|---|---|---|---|---|---|---|---|---|
| Strategic Partners Real Estate IX L.P. | Strategic Partners Fund Solutions Advisors L.P. | $75.0M | approved | - | May 28, 2026 | - | - | - |
| PGIM Large Cap Private Credit (LCPC) | n/a | $125M | approved | - | May 28, 2026 | - | - | - |
| Lexington Capital Partners XI, L.P. | Lexington Capital Partners | $60.0M | approved | - | May 28, 2026 | - | - | 4 |
+19 more board decisions
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Provenance
Provenance
Not yet on record: funded ratio.
Teachers' Retirement System (TRS) sits on 20 traced paths of capital across the graphs.
DFX traced 20 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Re up prospect resolved2026-09-23
- Re up prospect2026-09-23
- Commitment approved2026-05-28source on record
+31 more changes on this record's ledger
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The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.
›Connections
every published relationship on the graph
+8 connections on the graph
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