Searches and Hires

Louisiana State Employees sets $75 million for buyout fund

Louisiana State Employees' Retirement System, Baton Rouge, committed $75 million to Bernhard Services Fund II, a buyout fund managed by Bernhard Capital Partners Management, said Robert W. Beale, chief investment officer, in an email.

The $11.9 billion pension fund previously committed $50 million to Bernhard Capital Services Fund in 2015.

Mr. Beale said the pension fund also will interview finalists at its Aug. 24 meeting for a growth equity private markets manager following a shortlist search. The finalists are Apax Partners, Frontier Capital and Insight Venture Partners. A commitment amount has yet to be determined.

The pension fund's actual allocation to private equity was 13% as of March 31. The target allocation is 14%.

Investment consultant NEPC assists with all commitments.