Pelican State Educators Pick Prime Investment
November 5, 2012
Technology Crossover Ventures (TCV) was approved for a new allocation from the nearly $14 billion retirement plan managed for the teachers in the Bayou.
The Teachers’ Retirement System of Louisiana (TRSL) Board decided Friday to commit up to $50 million to the Palo Alto, Calif.-based growth equity firm’s TCV VIII fund, Dana Brown, system director of public markets, confirmed in a Nov. 5 email.
Brown explained that the investment was “consistent with overall sourcing” by Hamilton Lane, its alternatives investment consultant.
Previously, following its Aug. 6-7 meeting, the plan’s CIO Philip Griffith noted that the Board had adopted Hamilton Lane’s strategic investment plan. He said the ranges would be followed until the fiscal year concludes in June 2013.
The ranges include between $350-450 million in new investments for private equity, $225-300 million for real estate, $200-$275 million for private market debt, $25-50 million for infrastructure and $50-75 million for commodities.
Griffith further explained that this plan is a part of Hamilton Lane’s target, which dependent on market fluctuations, plan consideration and firms that are raising money at the time, could or could not be fulfilled.
At the end of August, private equity maintained about 12% of the $13.6 billion portfolio, 9% was committed to real estate, 5% to private market debt, and 2% to infrastructure and commodities, its website listed.
Target allocations for the plan include a 12% allocation to private equity, 11% to real assets, and 4% to private market debt.
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