TRS Louisiana confirms $135m of commitments

The Baton-Rouge-based public pension has backed two value-add real estate vehicles.

Institution: Teachers’ Retirement System of Louisiana
Baton Rouge, US
$27.20 billion
Allocation to alternatives: 

Teachers’ Retirement System of Louisiana has confirmed commitments of $70 million to Centerbridge Real Estate Fund II and $65 million to Sares-Regis Multifamily Value-Add Fund IV at its October board meeting, a contact at the pension informed PERE.

Centerbridge Partners launched their second-generation real estate fund in November 2020, seeking $1.5 billion in investor capital. As of October 2021, they have hit 80 percent of their target, having raised $1.2 billion for Centerbridge Real Estate Fund II. Sares-Regis Multifamily Value-Add Fund IV entered the market this year with a target of $500 million. It launched off the back of its predecessor, Sares-Regis Multifamily Value-Add Fund III, which held a final close in October 2019, having raised $328.6 million in investor capital.

TRSL has a 10 percent target allocation to real estate; with a current allocation to the asset class of 8 percent.

As illustrated below, TRSL’s recent real estate commitments have tended to focus on North American industrial vehicles targeting a mixture of returns.

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