DFX Intelligence

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.

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Teachers' Retirement System (TRS)

State retirement systemteachers· Kentucky

State retirement system, based in Kentucky, reporting $26B in assets, for 148,329 participants.

Composed from this allocator's classification, location and filed figures.

As of 2026-09-23 · the latest dated event for this allocator; each figure carries its own filing or report date

Assets: $26B
Private allocation: 14.0%
Fund commitments: 22

Open searches Plans backing its top manager Similar plans, same strategy

Commitments (22)Allocation policy Consultants

As of 2026-09-23 · the latest dated event for this allocator; each figure carries its own filing or report date

What matters now

1
re-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.
Inferencea successor fund observed for a manager the plan backsRe-up prospects →

Capital path

who backs this record, through what, into what; each name opens its own path

Who decides

Tom Siderewicz, CFAChief Investment Officer
Gary L. Harbin, CPAExecutive Secretary
Sarah C. MeehanDirector of Investment Accounting

Teachers' Retirement System (TRS)

Funds committed to

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

All 6

Managers

TA Realty$176M across 2 commitments
Ares$135M across 2 commitments
Apax$120M across 2 commitments

All 13

Size, funding, policy and commitments, with their basesState retirement systemShow

State retirement system

Assets

$26B

Total assets, Jun 30, 2024 reported

Funded

not on record

not filed

Private markets target

14.0%

policy Jun 30, 2025

Commitments

22 dated closings

Allocation policy

ACFR, as of Jun 30, 2025

Asset class (as printed)	Bucket	Target	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

2 firms

AON Investments USA Inc General consultantthrough May 22, 2025 Board minutes
Cavanaugh Macdonald Consulting Actuarythrough Jun 30, 2025 ACFR

People

3 roles

Chief investment officer

Tom Siderewicz, CFA

Chief Investment Officer (Jun 30, 2025) trs.ky.gov

Tom Siderewicz, CFA Chief Investment Officer

Gary L. Harbin, CPA Executive SecretaryExecutive director / CEO
Sarah C. Meehan Director of Investment AccountingInvestment officer

Manager roster

13 managers on the commitment tape

From the plan’s own commitment disclosures

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 $249/month unless canceled.

What changed

34 events

Sep 23, 2026re up prospect resolvedreport dateinference
Re-up prospect for Fort Washington Private Equity Small Market Investors III, L.P.: condition no longer holds; not judged
with Fort Washington Investment Advisors Incno URL
Sep 23, 2026Re-up prospectreport dateinference
Teachers' 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 graph
with Fort Washington Investment Advisors Incno URL
May 28, 2026Manager on watch
Kentucky Teachers' Retirement System Board of Trustees, Investment Committee (self-invested) places on watch Baillie Gifford and Baring International
trs.ky.gov
May 28, 2026Policy updated
Kentucky Teachers' Retirement System Board of Trustees, Investment Committee (self-invested) adopts a policy change: asset allocation ranges and targets
trs.ky.gov
May 28, 2026Commitment approved
Kentucky Teachers' Retirement System Board of Trustees, Investment Committee (self-invested) approves $60M to Lexington Capital Partners XI
with 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 $249/month unless canceled.

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.

Commitments

22 rows, 0 dated closings

Date	Fund	Manager	Bucket	Amount	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.

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Size and funding

57 readings

Total assets

$26B Jun 30, 2024 reported Census ASPP

$24B (2023-06) · $23B (2022-06)

Fiduciary net position

$26B Jun 30, 2024 reported Census ASPP

$24B (2023-06) · $23B (2022-06)

Long-term investments

$26B Jun 30, 2024 reported Census ASPP

$24B (2023-06) · $22B (2022-06)

Total pension liability

$17B Jun 30, 2024 reported Census ASPP

$18B (2023-06) · $18B (2022-06)

Discount rate

7.10% Jun 30, 2024 reported Census ASPP

7.10% (2023-06) · 7.10% (2022-06)

Participants

148,329 Jun 30, 2024 reported Census ASPP

146,534 (2023-06) · 143,913 (2022-06)

Active members

76,014 Jun 30, 2024 reported Census ASPP

75,644 (2023-06) · 74,785 (2022-06)

Beneficiaries

60,358 Jun 30, 2024 reported Census ASPP

59,559 (2023-06) · 58,438 (2022-06)

Benefits paid

$2.5B Jun 30, 2024 reported Census ASPP

$2.4B (2023-06) · $2.3B (2022-06)

Investment expense

$81.9M Jun 30, 2024 reported Census ASPP

$78.9M (2023-06) · $64.2M (2022-06)

Commitment history

22 decisions the board record started

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 $249/month unless canceled.

Provenance

Identifiers: Census PID6 227024

Cross-graph: no entry on another DFX graph

First observed Sep 15, 2026, last observed Sep 23, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.

Not yet on record: funded ratio.

Capital chain

Teachers' Retirement System (TRS) sits on 20 traced paths of capital across the graphs.

Allocator commitments to a managerConsultant to allocator to manager

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 $299/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

34 dated events on the change ledger, latest first

Re up prospect resolved
2026-09-23
Re up prospect
2026-09-23
Commitment approved
2025-02-27source

+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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