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Calcaterra Pollack LLP's Investigative Report on Kentucky Retirement Systems' Investment Activities Released to Public

Law Firm’s Independent Investigation Involved Review of Hundreds of Around Two Million Pages Spanning Seven Years of Certain Pension Fund Investment Decisions

FRANKFORT, Ky., Sept. 13, 2022 /PRNewswire/ — On September 6, 2022, a report prepared by law firm Calcaterra Pollack LLP was released to the public that summarized the firm’s independent investigation into certain past investment decisions by the Kentucky Retirement Systems (KRS), now the Kentucky Public Pensions Authority (KPPA).

Calcaterra Pollock attorneys have deep experience with complex investigations and pension fund management – both in private practice and public service – and the firm was selected by KPPA to lead this investigation after participating in a competitive bidding process. Calcaterra Pollock respects the decision to make this important summary of the firm’s investigation publicly available.

Calcaterra Pollack examined the activities of the KRS investment staff and trustees starting from late 2008, focusing on absolute return investments, including the circumstances leading up to the retention of three fund of funds relationships entered into by KRS with Blackstone Alternative Asset Management (interchangeably referred to as BAAM and Blackstone), Pacific Alternative Asset Management Co. (PAAMCO) and Prisma Capital Partners (later KKR Prisma and most recently, PAAMCO Prisma). In addition to evaluating whether any illegal activities or breach of fiduciary duty occurred during the due diligence and retention process, Calcaterra Pollack examined processes and conduct throughout KRS’ involvement with the aforementioned funds. The firm’s findings are addressed in detail in the report.

“Our investigation involved the review of hundreds of around two million pages spanning approximately seven years and we prioritized thoroughness and impartiality every step of the way,” said Regina Calcaterra of Calcaterra Pollack LLP.

“We take extremely seriously the trust that was placed in us by the Kentucky Retirement Systems’ members, retirees and beneficiaries, which is precisely why we ensured that this comprehensive investigation be independent and free of undue influence,” said Calcaterra.

In addition to the report made public September 6, Calcaterra Pollack LLP produced to KPPA a separate document of legal recommendations, including: a complete analysis of potential legal remedies available to KRS based on the findings of the investigation; pros and cons of undertaking legal action; a cost/benefit analysis of such action; any possible legal impediments to the legal action; and recommendations regarding best practices for investment activities.

Calcaterra is a member of the National Association of Public Pension Attorneys and previously served as Deputy General Counsel to the New York City Employees’ Retirement System. She has been representing public pension funds in complex securities litigation matters since 2004. Recent experience includes representing public pension and employee benefit funds operated by North America’s largest public transportation authority, seeking damages sustained by investors in the wake of the collapse of a private alternative investment fund concentrated on short and long index options trades.


Calcaterra Pollack LLP is a 100% women-owned firm specializing in federal and state complex litigation including municipal representation, investigations, securities, antitrust, and commercial litigation. Our Firm leverages over five decades of collective experience representing pension funds, institutional investors, governmental agencies, businesses, and individuals, to achieve success for our clients. The Firm is a certified New York State Women’s Business Enterprise and WBENC-Certified Women’s Business Enterprise.

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SOURCE Calcaterra Pollack LLP