The $14.5 billion retirement system committed $75 million to American Securities Opportunities Fund III and $75 million to Providence Debt Opportunity Fund III. American Securities is targeting $750 million for Fund III, according to Private Equity International’s Research and Analytics division. The target amount for Providence’s third debt opportunity fund could not be determined at press time.
Louisiana Teachers’ previously committed $30 million to American Securities’ second opportunities fund, a 2010 vintage fund that collected $753 million. Fund II focused on public and private companies in distress or “trading at distressed levels due to deterioration in operating performance or anticipated liquidity problems”, the firm said in a statement. Louisiana Teachers’ also previously committed $50 million to Providence Equity Partners’ TMT Debt Opportunities Fund II.
The retirement system has already committed to four managers this year, having previously committed $75 million to KPS Special Situations Fund IV in March and $50 million to EnCap Energy Capital Fund IX in January. The retirement system is targeting between $300 million and $400 million in commitments across five or six funds this fiscal year, according to a Hamilton Lane report made available by the retirement system.
Louisiana Teachers’ is under-weighted to private equity, with a target of 13 percent and an actual allocation of 12 percent as of 28 February 2013.