Louisiana Teachers' Retirement System, Baton Rouge, committed $10 million to the Louisiana Fund I, said Bonita Brown, system director. The venture capital fund, created by the LSU Research and Technology Foundation, targets early stage companies in Louisiana and other selected states and helps "commercialize ideas that come from research at all Louisiana universities, both public and private," Ms. Brown said. The $11.6 billion system hopes for a rate of return on the investment in the "high teens, but there's no guarantee," she said. The new fund's initial close is expected in late September or early October. Hamilton Lane Advisors LLC assisted.
The retirement system's asset allocation is: domestic equity, 45.9%; international equity, 12.3%; domestic fixed income, 15.2%; global fixed-income, 5.6%; alternative investments, 19%; and cash, 2%.