TRSL confirms $50m commitment

The US public pension has backed Cabot Properties' third US industrial core fund.

Institution: Teachers’ Retirement System of Louisiana
Headquarters:
Baton Rouge, US
AUM:
$25.90 billion
Allocation to alternatives:
37%

Teachers’ Retirement System of Louisiana confirmed a commitment of $50 million to Cabot Industrial Core Fund III at its July board meeting, a contact at the pension informed PERE.

Cabot Industrial Core Fund III was launched in February and is in the market seeking $1 billion in investor capital. In December 2019, Cabot Properties held a final close at $693 million for Cabot Industrial Core Fund II, the previous vehicle in the series.

TRSL has a 10 percent target allocation to real estate; its current allocation to the asset class in 7.8 percent. This commitment marks the first step in the pension’s real estate pacing plan for fiscal year 2022, during which it is targeting between $250 million and $350 million in commitments.

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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