TRS Louisiana confirms $75m commitment

The Baton Rouge-based public pension has backed Kelso & Company's 11th-series buyout fund.

Institution: Teachers’ Retirement System of Louisiana
Headquarters: 
Baton Rouge, US
AUM: 
$27.2 billion
Allocation to alternatives: 
39%

Teachers’ Retirement System of Louisiana formalised a commitment of $75 million to Kelso Investment Associates XI at its October board meeting, a contact at the pension informed Private Equity International.

Kelso & Company, a New-York-based investment firm, launched its 11th-series buyout fund in September 2021. Its predecessor, Kelso Investment Associates X, held a final close at $2.48 billion of investor capital in 2019, just under its target of $2.5 billion.

Previously, TRS Louisiana had backed two other Kelso & Company vehicles, encompassing $100 million commitments to both Kelso Investment Associates X and Kelso Investment Associates IX.

TRSL has a 14 percent target allocation to private equity, with a current allocation to the asset class of 21 percent.

As illustrated below, TRSL’s recent private equity commitments have tended to focus on North American debt vehicles across a diversified investment portfolio.

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