Institution: Teachers’ Retirement System of Louisiana
Headquarters: Baton Rouge, US
AUM: $25.62 billion
Allocation to private real estate: 12%
Teachers’ Retirement System of Louisiana has made two new commitments worth $525 million to private real estate funds, a contact at the pension fund revealed to PERE.
The commitments are made up of $400 million to TA Realty Core Property Fund and $125 million to Kayne Anderson Real Estate Partners VII.
Kayne Anderson Real Estate Partners VII has a target size of $3 billion and will target value-add opportunities in the North American region focusing on the US. Its predecessor fund closed above its $2.5 billion target on $2.75 billion. The fund has called 54 percent of capital and has generated a 0.98x TVPI, 0.01x DPI and 7.17 percent IRR.
TA Realty Core Property Fund is an open-ended fund that has been fundraising since 2018 and has a current size of $816.1 million. The fund will focus on core investment in North America within the industrial, multi-family/residential, office and retail sectors.
TRSL are aiming to make between $650 million and $1.05 billion worth of commitments to private real estate during 2024. The pension fund has a current allocation of 12 percent to private real estate compared to a target allocation of 15 percent.
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