Minnesota Teachers seeks new executive director

Laurie Hacking lead the $20bn pension plan for 11 years. 

The executive director at the Minnesota Teachers Retirement Association is retiring at the end of this year, the pension plan said on 13 June.

Laurie Hacking, who is also on the Minnesota State Board of Investments’ Investment Advisory Council, had served as executive director of the $20 billion pension system since March 2006, according to a statement. The SBI manages TRA’s retirement investments.

SBI is a large investor in private debt, and its investments include corporate, real estate and infrastructure debt vehicles globally.

Last month, the board approved allocations to the latest private credit vehicles in fund series that SBI had previously committed to, including $100 million to Avenue Energy Opportunities Fund II and $200 million to KKR Lending Partners III, PDI data showed.

SBI’s $100 million commitment to Avenue Energy Opportunities Fund I showed a net internal rate of return of 14.26 percent first quarter, according to its latest investment committee report. The pension’s $75 million commitment to KKR Lending Partners II showed a net IRR of 16.22 percent over the same period.

TRA already released a job description for the executive director position on its website. The new executive director also serves as a fiduciary on the SBI advisory council.

Prior to joining TRA, Hacking spent six years each at the Ohio Public Employees Retirement System and the Minnesota Public Employees Retirement Association, serving as executive director for both pension funds.

The pension plan did not respond to a request for further comment.