Louisiana Teachers’ commits $200m to PE

The commitments to Blackstone, Kohlberg & Company and Oak Hill are the first from the $13.8bn retirement system since allocating $375m to private equity in FY 2012.

The Teachers’ Retirement System of Louisiana has committed $200 million across three private equity funds, chief investment officer Philip Griffith told Private Equity International.

The $13.8 billion retirement system committed $75 million each to Blackstone Energy Partners and Kohlberg Investors VII and $50 million to Oak Hill Advisors’ OHA European Strategic Credit Fund.

Last month, TRSL announced it would allocate around $1 billion to private assets during the 2012 fiscal year. The target allocation will remain between 10 percent and 12 percent. Louisiana Teachers’ has 13 percent of its assets in private equity as of 31 July, according to its website.

Blackstone had already collected $750 million for its debut energy fund as of 17 August. The firm is targeting between $2 billion and $3 billion for a broad mandate of energy investment strategies, including power, alternative energies and natural resources. The firm has already deployed capital from the fund, taking part in a €1.2 billion investment in Germany’s first wind farm financed by the private sector.

Kohlberg & Company is targeting $1.5 billion for its for its seventh fund, according to sister data provider Private Equity Connect. The target is the same as Kohlberg’s predecessor vehicle, which closed on $1.5 billion in 2008. It is unclear when the firm, formed by Kohlberg Kravis Roberts co-founder Jerome Kohlberg, launched the fund.

OHA European Strategic Credit, which is expected to hold a first close soon, is targeting $750 million for European distressed debt, according to a source with knowledge of the fund.