Louisiana pension schedules 2022 searches, reviews private markets

At its Dec. 2 investment committee Meeting, the board of the Teachers’ Retirement System of Louisiana (TRSL) approved the system’s schedule of investment manager searches for 2022 and adopted recommendations to its private markets portfolio, according to fund officials and internal documents.  

TRSL has scheduled seven asset manager searches to be executed throughout calendar year 2022.

Specifically, it plans to seek asset managers for core fixed income (its contract with J.P. Morgan Asset Management expires in May);  co-investments;  global REITs (its contracts with Brookfield Investment Management and Dimensional Fund Advisors expire in September); domestic small cap growth (its contracts with AllianceBernstein, and Rowe Price Associates expire in November); international ACWI ex US (its contracts with Baillie Gifford Overseas Limited and LSV Asset Management expire in February 2023); SMID cap core equity (its contracts with William Blair Investment Management and PGIM Quantitative Solutions expire in February and April 2023, respectively); and international large cap growth (its contract with Artisan Partners Limited Partnership expires in April 2023).

Also, the system’s consultants, Matthew Silverio and Ben Eckroth of Hamilton Lane Advisors, appeared before the committee to present a private market report.

Hamilton Lane recommended commitments to three funds that it analyzed for TRSL earlier this year: Platinum Equity Capital Partners VI (buyout – $75 million); Thoma Bravo Fund XV (buyout – $50 million); and TRSL 2022 Venture Capital Separate Account (venture capital – $100 million).

The board also reviewed TRSL’s fiscal year 2022 and proposed private markets commitment targets. The system has a commitment pacing plan of $1.3 billion to $1.8 billion in fiscal year 2022.

As of Dec 2, TRSL’s private markets asset allocation was as follows: