Louisiana commits $180m to alternatives

The Teachers' Retirement System of Louisiana approved commitments to its private market debt, private equity and real estate portfolios.

The Teachers’ Retirement System of Louisiana investment committee approved $180 million in commitments to private market debt, private equity and real estate funds at its meeting Monday, a retirement system spokesman told Private Debt Investor.  

The $14.7 billion retirement system committed an additional $25 million to Falcon Strategic Partners IV, bringing its total commitment to that fund to $75 million, the spokesperson said. Falcon Investment Advisors is targeting $900 million for the vehicle, according to a US Securities and Exchange Commission filing. The firm typically invests between $10 million and $75 million in subordinated debt or equity capital, according to its website.

The retirement system classified its commitment to Falcon as a private market debt investment. The system's private market debt portfolio was valued at $689 million as of 31 March, according to Louisiana Teachers’ website.  

Louisiana Teachers’ also committed $125 million to Apollo Investment Fund VIII through its $1.98 billion private equity strategy. That fund is targeting $12 billion for opportunistic buyouts, corporate carve-out transactions and distressed investments, according to Oregon Investment Council documents. Apollo Investment Fund VII had generated a net IRR of 25 percent and a net multiple of 1.47x as of 31 December.

Oregon committed $300 million to Apollo Investment Fund VIII last week.

Louisiana Teachers' also re-upped $30 million to Crow Holdings Realty Partners VI, which is seeking $750 million for domestic real estate, including industrial, grocery-anchored and neighborhood retail properties, multifamily housing, offices, hotels and land, according to a report by Private Debt Investor sister title PERE. The $30 million commitment brought Louisiana Teachers’ total allocation to Crow Realty VI to $80 million, the spokesperson said.