Louisiana Teachers Pumps $330M into Private Assets
The Teachers’ Retirement System of Louisiana added three private markets funds Ares Special Opportunities Fund III, Lindsay Goldberg VI and Everberg Capital Partners III – at its October trustee meeting.
A $150 million allocation was made to Ares Management for its latest distressed fund. The Special Opportunities strategy seeks to invest in a range of private, special-situation opportunities and flexes into stressed/distressed public market debt when deemed attractive. The firm closed its second fund last year with $7.1 billion.
A $100 million commitment was made to Lindsay Goldberg for its latest buyout fund. The firm focuses on industrials, services, and healthcare. The firm is said to be looking to attract $4 billion for its latest offering.
An $80 million pledge was made to Everberg Capital Partners. The firm is focused on U.S. middle-market private equity across business services, healthcare, consumer and industrial sectors.
The investment portfolio returned more than 9% in the year through August, owing to robust gains in public equities markets. The private markets program, worth $12.7 billion, increased by more than 2% throughout the same period, significantly behind the benchmark return of 11%.