Louisiana Municipal Employees’ Retirement System, Baton Rouge, committed $25 million to Ironsides Partnership Fund VII.
The $1.2 billion pension fund’s board approved the commitment to the buyout fund of funds managed by Constitution Capital Partners at its Aug. 15 meeting, recently released meeting minutes showed.
It is the pension fund’s second private equity commitment since creating a new 3% target to the asset class earlier this year. The board had approved a commitment of $25 million to BCP Fund III, a buyout fund managed by Bernhard Capital Partners Management, at its April 18 meeting.
It is the pension fund’s first commitment to a fund managed by Constitution Capital Partners.
The private equity target was funded by a reduction in the target to domestic equities to 30% from 33%.
Investment consultant Meketa Investment Group assisted.
