TRSL backs Carlyle’s and Berkshire’s latest credit funds

The Baton Rouge-based public pension has backed two debt funds.

Institution: Teachers’ Retirement System of Louisiana
Headquarters: Baton Rouge, US
AUM: $23.3 billion

Teachers’ Retirement System of Louisiana has committed $225 million across two debt funds, one managed by Carlyle and another by Berkshire Residential Investments, a contact at the pension confirmed.

At the pension’s September board meeting, TRSL announced that it will be investing $125 million into Carlyle Credit Opportunities Fund III and $100 million to Berkshire Bridge Loan Investors III.

Carlyle’s third fund, which launched this year, will be investing into Western Europe and North America, seeking debt returns. Its predecessor fund surpassed a $3.5 billion target and closed on $4.6 billion in March 2022.

Berkshire’s third loan fund also launched this year and will be investing into the real estate sector, seeking senior debt returns.

As illustrated below, the Baton Rouge-based pension’s recent private debt commitments have tended to focus on North America-based vehicles targeting Subordinated / mezzanine debt.

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