Teachers' Retirement System of Louisiana Board of Trustees public meetings in 2021

Teachers' Retirement System of Louisiana Board of Trustees

The TRSL Board of Trustees and its committees will meet to review investment manager schedules, private market investments, and annual finance reports. The agenda also includes discussions on board governance policies regarding elections and travel, as well as reviews of retirement benefit increases and cybersecurity.

• Approval of 2022 Manager Portfolio Reviews and Investment Searches
• Review of potential private market investments including Platinum Equity Capital Partners VI, L.P. and Thoma Bravo Fund XV, L.P.
• Approval of TRSL Comprehensive and Popular Annual Finance Reports for FY 2020 and 2021
• Proposed changes to Board Governance Manual Policy 100.3 (Election of Trustees)
• Discussion of Board Governance Manual Policy 100.35 (Travel Policy)

The Board of Trustees and its committees approved a $100 million allocation for the 2022 Venture Capital Separate Account and updated asset allocation parameters. The Executive Committee approved changes to board governance policies regarding meeting protocols and trustee elections. The Board also formally honored Dr. Jerry Baudin for 32 years of service.

• Approved $100 million allocation for 2022 Venture Capital Separate Account
• Approved recommended asset allocation parameters
• Approved 2022 Schedule of Manager Portfolio Reviews and Investment Searches
• Approved TRSL Comprehensive and Popular Annual Finance Reports (FY 2020-2021)
• Approved changes to Board Governance Manual Policy 100.15 (Board Meeting Protocol)
• Approved changes to Board Governance Manual Policy 100.3 (Election of Trustees)
• Approved November 4, 2021 meeting minutes
• Adopted resolution honoring Dr. Jerry Baudin for 32 years of service

Teachers' Retirement System of Louisiana Board of Trustees

The Teachers' Retirement System of Louisiana will hold a series of committee meetings to review investment portfolios and approve administrative and building partnership budgets for 2022-2023. The Legislative Committee will consider a resolution for a July 1, 2022 Permanent Benefit Increase. The Executive Committee will review financial reports and audits for the fiscal year ended June 30, 2021.

• Consideration of resolution recommending July 1, 2022 Permanent Benefit Increase (PBI)
• Proposed 2022-2023 Louisiana Teachers’ Retirement Systems Administrative Operating Budget
• Proposed 2022-2023 Louisiana Retirement Systems Building Partnership Budget
• Potential investments in HPS Strategic Investment Partners V, L.P. and New Enterprise Associates 18, L.P.
• Approval of annual audit by Hawthorn, Waymouth & Carroll L.L.P. for fiscal year ended June 30, 2021

The Board and its committees approved the 2022-2023 administrative operating budget and the Louisiana Retirement Systems Building Partnership budget. The Legislative Committee approved a resolution recommending a Permanent Benefit Increase (PBI) effective July 1, 2022. The Board also authorized specific private market investments and approved annual audits for the fiscal year ended June 30, 2021.

• Approved 2022-2023 Louisiana Teachers’ Retirement System Administrative Operating Budget
• Approved 2022-2023 Louisiana Retirement Systems Building Partnership Budget
• Approved PBI Resolution recommending a benefit increase effective July 1, 2022
• Approved investment in HPS Strategic Investment Partners V, L.P. (up to $100 million)
• Approved investment in New Enterprise Associates 18, L.P. (up to $25 million)
• Approved Annual Audit for Fiscal Year Ended June 30, 2021
• Approved Audit of the Louisiana Retirement Systems Building Partnership for Fiscal Year Ended June 30, 2021
• Approved administrative rules for Chapter 11 (Voluntary Deductions) and Chapter 15 (Optional Retirement Plan)

Teachers' Retirement System of Louisiana Board of Trustees

The Board approved the annual actuarial valuation for the fiscal year ended June 30, 2021, and the projected contribution rates for the fiscal year ending June 30, 2023. The Investment Committee hired two new Large Cap Growth managers and approved several private market investments. The Personnel Committee approved merit pay increases and market rate adjustments for specific unclassified staff.

• Approved Annual Actuarial Valuation for FY ended June 30, 2021, and projected contribution rates for FY ending June 30, 2023
• Hired Baillie Gifford Overseas Limited and T. Rowe Price Associates, Inc. as Large Cap Growth managers
• Approved retention of Brandywine Global Investment Management and PIMCO as Global Fixed Income Managers
• Approved investment in Centerbridge Partners Real Estate Fund II, L.P. (up to $70 million)
• Approved investment in Kelso Investment Associates XI, L.P. (up to $75 million)
• Approved investment in Sares Regis Multifamily Value-Add Fund IV, L.P. (up to $65 million)
• Approved 4% merit pay increase for nine unclassified staff members
• Approved market rate adjustments for Philip Griffith (7%), Maurice Coleman (12.5%), Dana Brown (11.5%), and Adam Averite (14.5%)

Teachers' Retirement System of Louisiana Board of Trustees

The TRSL Board of Trustees and its committees will meet on October 7-8, 2021, to conduct several reviews. Key activities include interviewing large cap growth manager finalists, reviewing private market investments, and presenting the fiscal year 2021 actuarial valuation.

• Interviewing Large Cap Growth Manager finalists: Baillie Gifford Overseas Limited, J.P. Morgan Asset Management, and T. Rowe Price Associates, Inc.
• Review of potential private market investments including Centerbridge Partners Real Estate Fund II, L.P., Kelso Investment Associates XI, L.P., and Sares Regis Multifamily Value-Add Fund IV, L.P.
• Presentation of the FY 2021 Actuarial Valuation by Foster & Foster Actuaries and Consultants
• Review of responses to proposals for a Global Fixed Income Manager
• Update on litigation: Kevin Cope & Roger Lane v. Board of Supervisors of LSU and TRSL

Teachers' Retirement System of Louisiana Board of Trustees

Multiple TRSL committees will meet to review proposals for large cap growth and retirement plan consultants. The Investment Committee will also review potential private market investments and asset allocation.

• Review of proposals for Large Cap Growth Manager
• Review of proposals for OPR Investment Consultant
• Review of potential private market investments including Clearlake Capital Partners, VII, L.P. and Lion Industrial Trust
• Approval of Global Fixed Income Manager contract extension
• Review of FYE 2023 projected employer contribution rate discount rate

The Board of Trustees approved a 7.25% discount rate to set projected employer contribution rates for FY 2023. The Investment Committee authorized several private market investments totaling up to $310 million and approved a new Large Cap Growth Manager. The Elections Committee certified Clyde Hamner as the winner of the Retirees run-off election.

• Approved 7.25% discount rate for FY 2022-2023 employer contribution rates (9-1-1)
• Approved investment in Clearlake Capital Partners, VII, L.P. up to $75 million
• Approved investment in Lion Industrial Trust up to $50 million
• Approved investment in Ares Special Opportunities Fund II, L.P. up to $100 million
• Approved investment in Insight Partners XII, L.P. up to $50 million
• Approved investment in Insight Annex Fund Buyout up to $10 million
• Approved investment in Summit Partners Growth Equity Fund XI, L.P. up to $75 million
• Certified Clyde Hamner as elected for Retirees with 57.39% of the vote

Teachers' Retirement System of Louisiana Board of Trustees

The Teachers' Retirement System of Louisiana Board of Trustees is meeting on July 8, 2021, with three committees (Elections, Investment, Executive) convening before the full board. The Investment Committee will interview three finalist firms for an emerging markets debt manager and consider several investment-related consent agenda items. The full board will receive committee reports and approve minutes from the previous meeting.

• Interview finalists for Emerging Markets Debt Manager: Aberdeen Standard Investment Inc., Invesco Advisers, Inc., PGIM Fixed Income
• Presentation and approval of updated timeline and solicitation for proposals for Global Fixed Income Manager
• Review and adopt 2022 Fiscal Year Private Market Strategic Plan
• Review of potential private market investments: Blackstone Tactical Opportunities Fund IV, L.P. and Cabot Industrial Core Fund III, L.P.
• Annual evaluation of investment consulting firms Mercer and Aon Investments

The Board and its committees approved the 2022 Fiscal Year Private Market Strategic Plan and hired Invesco Advisers, Inc. as the Emerging Markets Debt Manager. The Board also approved the 2021-2022 Annual Audit Plan and Strategic Plan goals. Additionally, primary election results for the Retirees election were received and approved.

• Hired Invesco Advisers, Inc. as Emerging Markets Debt Manager
• Adopted 2022 Fiscal Year Private Market Strategic Plan
• Approved TRSL Annual Audit Plan for Fiscal Year 2021-2022
• Approved Strategic Plan and Balanced Scorecard Goals for Fiscal Year 2021-2022
• Approved annual evaluations of consultant firms Mercer and Aon Investments
• Approved primary election results for Retirees election
• Approved updated timelines for Global Fixed Income and Large Cap Growth Manager searches
• Cancelled August 2021 meetings and rescheduled September 2021 meetings to September 2-3

Teachers' Retirement System of Louisiana Board of Trustees

The Board of Trustees and its committees will meet on June 3, 2021, to discuss and act on several investment-related items. The Investment Committee will review potential private market investments (Marathon Healthcare Finance Fund and North Haven Credit Fund) and consider approving a solicitation for proposals for a Large Cap Growth manager. The Executive Committee will receive a general actuarial update and consider approving the Louisiana Compliance Questionnaire. The full Board will receive committee reports and consider an interim appointment for a School Food Services Trustee.

• Review of potential private market investments: Marathon Healthcare Finance Fund, L.P. and North Haven Credit Fund, L.P.
• Presentation and approval of Solicitation for Proposals for Large Cap Growth Manager
• Presentation and approval of timeline and SFP for Optional Retirement Plan (Defined Contribution) Investment Consultant, plus contract extension
• 2021 General Actuarial Update by Foster & Foster Actuaries (qualifies as actuarial education for trustees)
• Approval of the Louisiana Compliance Questionnaire for release to outside audit firm

The Board appointed Sommer Purvis as the interim School Food Services trustee. The Investment Committee approved potential investments in two funds totaling up to $150 million and selected finalists for an Emerging Markets Debt Manager. The Board also accepted reports from the Elections, Investment, Legislative, and Executive committees.

• Approved Sommer Purvis as interim School Food Service workers trustee
• Approved potential investment in Marathon Healthcare Finance Fund, L.P. up to $50 million
• Approved potential investment in North Haven Credit Fund III, L.P. up to $100 million
• Selected Aberdeen Standard Investment Inc., Invesco Advisers, Inc., and PGIM Fixed Income as finalists for Emerging Markets Debt Manager
• Approved SFP for Large Cap Growth Manager
• Approved Timeline and SFP for Optional Retirement Plan Investment Consultant
• Approved Optional Retirement Plan Investment Consultant contract extension (max 6 months)
• Approved Louisiana Compliance Questionnaire for release to outside audit firm

Teachers' Retirement System of Louisiana Board of Trustees

The TRSL Board of Trustees and its committees will meet to discuss legislative updates, approve administrative rules for retirement plans, and review private market investments. The Investment Committee will also interview finalists for emerging markets equity managers.

• Approval of administrative rules regarding Chapter 15 (ORP) and Chapter 11
• Review of potential private market investments including Asterion Industrial Infrastructure Fund II, ICG Europe Fund VIII, and Summit Partners Credit Fund IV
• Interviews for Emerging Markets Equity Manager finalists: Columbia Threadneedle, William Blair Growth, Franklin Templeton, and Wells Fargo
• Review of fixed income investments from JP Morgan Asset Management, PGIM Fixed Income, and Loomis Sayles
• Review of responses to solicitation for proposals for a consultant

The Board of Trustees and its committees approved several new investment managers and fund allocations. The Investment Committee also increased the maximum allowable allocation for Venture Capital to 9.0%. Additionally, the Board adopted the 2022 meeting schedule and approved administrative rule changes for the Optional Retirement Plan and retiree benefit payroll deductions.

• Hired William Blair Investment Management, LLC as Emerging Markets Equity Growth Manager
• Hired Franklin Templeton as Emerging Markets Equity Value Manager
• Approved investment in Asterion Industrial Infrastructure Fund II, FCR (up to $25 million)
• Approved investment in ICG Europe Fund VIII, SCSp (up to $75 million)
• Approved investment in Summit Partners Credit Fund IV, L.P (up to $75 million)
• Increased maximum allowable Venture Capital allocation to 9.0%
• Retained Aon Investments USA, Inc. as defined benefit consultant
• Approved administrative rules for Chapter 15 (ORP) and Chapter 11 (Retiree Benefits Payroll) as Notice of Intent

Teachers' Retirement System of Louisiana Board of Trustees

Multiple TRSL committees will meet to discuss investment proposals, including emerging markets equity and debt managers. The agenda also includes reviews of private market investments, legislative session updates, and administrative rule presentations.

• Review of proposals for Emerging Markets Equity Manager
• Presentation and approval of SFP for Emerging Markets Debt Manager
• Review of potential private market investments: FCP Realty Fund V, L.P. and Roark Capital Partners VI, L.P.
• Interviewing finalists for International Small Cap Manager: American Century, Driehaus, and Oberweis
• Presentation of quarterly litigation reports regarding Kevin Cope & Roger Laine v. LSU/TRSL

The Board of Trustees accepted reports from the Investment, Elections, Legislative, and Executive committees. Key actions included hiring a new International Small Cap Manager and approving specific private market investments. The Legislative Committee also set positions on four state bills.

• Hired Oberweis Asset Management, Inc. as International Small Cap Manager
• Approved investment in FCP Realty Fund V, L.P. up to $50 million
• Approved investment in Roark Capital Partners VI, L.P. up to $50 million (5-3)
• Approved SFP for Emerging Markets Debt Manager
• Recommended Columbia Threadneedle, William Blair Growth, Franklin Templeton, and Wells Fargo as Emerging Markets Equity Manager finalists
• Voted to support SB 24 and HB 516
• Voted to oppose SB 22
• Voted to remain neutral on HB 22

Teachers' Retirement System of Louisiana Board of Trustees

The Teachers' Retirement System of Louisiana Board of Trustees and its committees meet on March 4, 2021. The Investment Committee will review potential private market investments including Genstar Capital Partners X, Hellman & Friedman Capital Partners X, Castlelake Income Opportunities II, and Insight Venture Partners Fund X Follow-On. It will also appoint a subcommittee to review responses for an emerging markets equity manager and approve a solicitation for a consultant. The full board will receive committee reports and a director's update.

• Review of potential private market investments: Genstar Capital Partners X, Hellman & Friedman Capital Partners X, Castlelake Income Opportunities II, Insight Venture Partners Fund X Follow-On
• Appointment of subcommittee to review responses for emerging markets equity manager
• Presentation and approval of solicitation for proposals for consultant
• Update and discussion of 2021 legislative session affecting TRSL
• Review responses to SFP for international small cap manager and recommend finalists

The Board of Trustees and Investment Committee approved several private market fund investments and a solicitation for a new consultant. The Board also accepted reports from the Legislative, Executive, and Investment committees.

• Approved investment in Genstar Capital Partners X, L.P. (up to $50 million)
• Approved investment in Hellman & Friedman Capital Partners X, L.P. (up to $75 million)
• Approved investment in Castlelake Income Opportunities II, L.P. (up to $75 million)
• Approved investment in Insight Venture Partners Fund X Follow-On Fund, L.P. (up to $20 million)
• Approved Solicitation for Proposals for Consultant
• Recommended Mondrian Investment Partners be retained as International Small Cap Manager without interview
• Selected American Century Investment Management, Driehaus Capital Management, and Oberweis Asset Management as finalists for Small Cap Manager
• Approved February 4, 2021 meeting minutes

Teachers' Retirement System of Louisiana Board of Trustees

The Investment Committee will review private market updates, potential investments, and interview finalists for mid cap value manager roles. The Legislative Committee will discuss the 2021 legislative session and approve its legislative team. The full Board of Trustees will receive reports from both committees.

• Review of Carlyle Credit Opportunities Fund II, L.P.
• Review of Cabot Industrial Value Fund VI Development Fund, L.P.
• Interviewing finalists for Mid Cap Value Manager roles
• Solicitation for Proposals for Emerging Market Equity Manager
• Approval of the Legislative Team for the 2021 Legislative Session

The Board of Trustees accepted reports from the Investment and Legislative Committees. The Investment Committee approved up to $100 million in private market fund investments and hired Boston Partners Global Investors, Inc. as the Mid Cap Value Manager.

• Approved investment in Carlyle Credit Opportunities Fund II, L.P. (up to $75 million)
• Approved investment in Cabot Industrial Value Fund VI Development Fund, L.P (up to $25 million)
• Hired Boston Partners Global Investors, Inc. as Mid Cap Value Manager
• Approved Solicitation for Proposals (SFP) for Emerging Markets Equity Manager
• Authorized the 2021 Legislative Team to represent TRSL during legislative sessions
• Approved minutes from the January 7, 2021 meeting
• Accepted Investment Committee and Legislative Committee reports in globo

Teachers' Retirement System of Louisiana Board of Trustees

The TRSL Board of Trustees and its committees will meet to review private market investments, approve the 2021 election schedule for retirees, and review quarterly compliance and litigation reports. The Investment Committee will also consider an update to the investment policy discount rate.

• Review of 2021 election schedule for Retirees and School Food Service Workers
• Review of potential private market investments including Exeter Europe Logistics Value Fund IV SCSp, Charterhouse Capital Partners XI, L.P., and Thomas H. Lee Equity Fund IX, L.P.
• Approval of solicitation for proposals for International Small Cap Manager
• Review of Investment Policy Update regarding Discount Rate
• Presentation of FY 2020 Summary of Annual Return to Work (RTW) Retiree Data

The Board of Trustees and its committees approved investments in three private funds totaling up to $250 million. The Board also approved the 2021 election schedules for Retirees and School Food Service Workers and updated the investment policy regarding actuarial rates.

• Approved investment in Exeter Europe Logistics Value Fund IV SCSp up to $50 million
• Approved investment in Charterhouse Capital Partners XI, L.P. up to $100 million
• Approved investment in Thomas H. Lee Equity Fund IX, L.P. up to $100 million
• Approved 2021 Schedule of Elections and information for Retirees and School Food Service Workers
• Approved solicitation for proposals (SFP) for International Small Cap Manager
• Approved amendment to Board Governance Policy 100.31, Section IV regarding actuarial rates
• Approved Quarterly Compliance Audit Reports for Retirees Returning to Work and Limited Scope Reviews
• Approved minutes from the December 3, 2020 meeting