Louisiana Teachers' Retirement System, Baton Rouge, approved four new alternative fund commitments totaling up to $230 million.
The $25 billion pension fund's board at its March 2 meeting approved commitments of up to $75 million each to Kohlberg Investors X, a middle-market buyout fund managed by Kohlberg & Co., and Lone Star Real Estate Fund VII, a commercial real estate fund managed by Lone Star Funds; up to $50 million to EQT Infrastructure VI, an infrastructure fund managed by EQT Partners; and up to $30 million to NGP Natural Resources XIII, an energy private equity fund managed by NGP Energy Capital Management, said Dana T. Brown, director of public markets, in an email.
The pension fund previously committed up to $50 million to Kohlberg Investors IX in 2019, up to $75 million to Lone Star Fund XI in 2018, up to $50 million to EQT X in 2022 and up to $50 million to NGP Natural Resources XII in 2017.
As of Jan. 31, the actual allocation to alternative assets was 36.4%; the target is 35%.
Separately, the board at its March 2 meeting named Macquarie Asset Management and Westfield Capital Management as finalists in its search for an active domestic midcap growth equity manager to run about $350 million, Mr. Brown said.
The pension fund issued a solicitation for proposals in January due to the upcoming expiration of current manager Voya Investment Management's contract. Voya did rebid for the services, said Mr. Brown.
Finalist presentations will take place at the board's March 30-31 meeting, with a selection expected shortly thereafter.
As of Jan. 31, the pension fund's actual allocation to domestic equities was 23.2%; the target is 22%.
Investment consultant Aon Investments USA is assisting with the midcap growth search.