Louisiana Teachers’ Retirement System Commits $1.2B to Co-Investments

The Teachers’ Retirement System of Louisiana (TRSL) has approved a $1.2 billion commitment over three years to co-investments, marking a significant expansion of its private markets program. The investment, approved at the fund’s October trustee meeting, will be managed by HarbourVest Partners, as part of the pension’s ongoing effort to deepen its exposure across private equity and private credit strategies. 

Under the plan, HarbourVest—a global private markets firm that sources up to 1,000 direct co-investment opportunities annually—was approved for an additional $400 million per year over three years, pending final fee and contract negotiations. 

HarbourVest’s co-investment program is known for its highly selective approach, investing in roughly 6% of opportunities sourced each year, typically alongside established lead general partners across buyouts, growth equity, and credit. 

In addition to the HarbourVest mandate, TRSL approved a $125 million commitment to Blackstone Tactical Opportunities Fund V, the latest in Blackstone’s flagship opportunistic investment series. The Tactical Opportunities platform—launched in 2012—targets private investments outside traditional buyout and credit structures. Its predecessor fund raised $5.2 billion in 2023 and made notable allocations, including to CoreWeave, the hyperscale data center company. 

The new allocation builds on TRSL’s strong performance in alternatives, with its alternative investments and real estate portfolio returning 6.63% and its multi-asset credit program gaining 7.83% through August 2025.