Kentucky pension goes nuclear on key-man option in fund-of-funds

Bay Hills Capital, Kentucky Retirement Systems, private equity, pension fund, litigation, law
Victor Espinoza aboard American Pharoah passes Gary L Stevens aboard Firing Line to win 141st Kentucky Derby at Churchill Downs in Louisville on May 2, 2015. Photo courtesy Peter Casey USA Today Sports via Reuters- RTX1BA7X
What happens if you set up a key man rule in your fund and no one pays attention to it? That question came up in a squabble between a fund-of-funds called Bay Hills Capital and Kentucky Retirement Systems, the single investor in four ...

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