# Kentucky State Police Retirement System Insurance Plan

Kentucky State Police Retirement System Insurance Plan is an Insurance based in Frankfort, United States.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Frankfort, United States
- **Region:** North America
- **Address:** Frankfort, KY, United States
- **Assets under management:** Undisclosed
- **LinkedIn:** https://linkedin.com/company/kentucky-retirement-systems-insurance-trust-fund

## Regulatory record

- **Reports private funds:** No

## About

The Kentucky State Police Retirement System Insurance Plan operates as a niche public pension vehicle providing defined-benefit and insurance coverage to Kentucky State Police retirees. It sits under the umbrella of the Kentucky Public Pensions Authority, which consolidates administration for several state retirement systems including KERS and SPRS. Keith Peercy chairs the KPPA board; Steve Willer serves as CIO across the systems, setting asset allocation policy subject to trustee approval. SPRS allocates across a traditional institutional portfolio with a documented commitment to venture capital as part of its growth-asset sleeve. The plan does not disclose individual manager positions as a matter of course, but participates via fund commitments — generally to established mid-market and larger VC firms rather than emerging managers. Its investment committee, staffed by KPPA personnel, conducts due diligence with an emphasis on fee structures and vintage-year diversification. Asset classes beyond VC include public equities, fixed income, real assets, and private credit, shaped by actuarial liability targets and statutory funding ratios. KPPA professionals handle investment operations for SPRS alongside its sister systems, with no dedicated SPRS-only investment team. The plan participates in Climate Action 100+ through its contracted asset managers, signaling an ESG-aware posture in line with broader Kentucky Retirement Systems policy. Total SPRS assets are not publicly broken out from the authority's consolidated figures. The Kentucky Public Pensions Authority oversees roughly $20 billion in combined assets across all plans, per standard public filings. Structurally, SPRS differs from standalone corporate pensions or sovereign funds in one key respect: it cannot independently hire outside CIO talent, shift its asset allocation beyond board-approved bands, or issue private-label co-investment vehicles. Every allocation decision flows through the centralized KPPA governance structure, making it a pure fund-of-funds LP — a patient allocator with a long-duration horizon and no appetite for direct operating-company exposure.

## Sectors

- Venture Capital

## People

- Steve Willer — Chief Investment Officer, Kentucky Public Pensions Authority
- Keith Peercy — Chair, KPPA Board

## Questions

### Who runs investment decisions for the Kentucky State Police Retirement System Insurance Plan?

Steve Willer, as Chief Investment Officer of the Kentucky Public Pensions Authority, oversees investment strategy and manager selection for SPRS alongside the state's other retirement systems. The KPPA board, chaired by Keith Peercy, holds ultimate fiduciary authority over asset allocation and investment policy. Day-to-day due diligence and portfolio monitoring are executed by KPPA staff.

### How does SPRS source its venture capital manager relationships?

SPRS sources venture capital fund commitments through KPPA's centralized investment office, which issues RFPs, engages placement agents, and conducts direct outreach to established VC firms. The plan does not operate a direct deal-sourcing program or maintain proprietary deal flow channels. Manager selection is driven by consultant recommendations, performance track records, and alignment with the system's actuarial assumptions.

### Does SPRS invest directly in companies or only through funds?

SPRS invests through external fund managers, not through direct co-investments or direct company stakes. KPPA's investment approach for SPRS relies on fund-of-funds and limited-partner commitments within venture capital, private equity, and other private-market asset classes. There is no public evidence that SPRS has issued an SPV, participated in a club deal, or taken a board seat.

### How is SPRS related to the Kentucky Public Pensions Authority?

SPRS is one of several retirement systems administered by KPPA, which provides consolidated investment management, governance, and actuarial services. KPPA oversees SPRS alongside KERS and other state plans, with a single CIO and investment staff serving all systems. SPRS retains its own dedicated trust fund and liability profile but does not operate independently in its investment function.

### What asset classes does SPRS allocate to beyond venture capital?

SPRS allocates across a diversified institutional portfolio that includes public equities, fixed income, real assets, and private credit, in addition to its venture capital commitments. The precise asset allocation weights are not publicly disclosed at the individual-plan level, but follow KPPA's unified investment policy framework. The plan's insurance mandate adds a liability-matching dimension that tilts toward fixed-income and duration-sensitive assets.

## Related profiles

- [Kentucky Public Employees’ Deferred Compensation Authority (KDC)](https://altss.com/profile/kentucky-public-employees-deferred-compensation-authority-kdc)
- [Kentucky State Police Retirement System (SPRS)](https://altss.com/profile/kentucky-state-police-retirement-system-sprs)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/kentucky-state-police-retirement-system-insurance-plan

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology