Louisiana commits $180m to alternatives

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.