Teachers' Retirement System of Louisiana Board of Trustees public meetings in 2022
11 substantive meetings from 2022, with official agendas or minutes and plain-English summaries.
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana will hold a series of committee meetings to review investment managers and financial reports. The full Board of Trustees will meet to elect its leadership and receive committee reports.
- Election of TRSL Board of Trustees Chair and Vice Chair
- Review of potential investments in Berkshire Bridge Loan Investors III, Carlyle Credit Opportunities Fund III, Harbert United States Real Estate Fund III, and Waterton Residential Property Ventures XV
- Approval of Comprehensive and Popular Annual Financial Reports for fiscal years ended June 30, 2021 and 2022
- Selection of finalists for International Large Cap Value Manager
- Approval of 2023 Schedule of Investment Searches and Manager Portfolio Reviews
The Board elected its leadership for the two-year term beginning January 2023. The Investment Committee approved several private market investment reports and the 2023 search and review schedules. The Elections Committee certified results for the District 6 Special Election and the Colleges and Universities run-off.
- Elected Holly Gildig as Board Chair for the term beginning January 2023
- Elected Neshelle Nogess as Board Vice Chair for the term beginning January 2023
- Approved District 6 Special Election results (Marcella Fisher elected with 53.77%)
- Approved Colleges and Universities run-off results (Tom Stafford elected with 63.59%)
- Approved investment in Berkshire Bridge Loan Investors MF1, III, L.P. (up to $100 million)
- Approved investment in Carlyle Credit Opportunities Fund III, L.P. (up to $125 million)
- Approved investment in Harbert United States Real Estate Fund VIII, L.P. (up to $75 million)
- Approved investment in Waterton Residential Property Ventures XV, L.P. (up to $75 million)
Teachers' Retirement System of Louisiana Board of Trustees
The TRSL Board of Trustees and its committees will meet to approve annual audits, review financial reports, and discuss upcoming administrative and building partnership budgets. The Investment Committee will also review manager portfolio schedules and solicitation proposals for equity managers.
- Approval of the Annual Audit by Hawthorn Waymouth & Carroll L.L.P. for FY ended June 30, 2022
- Review of the proposed 2023-2024 Louisiana Retirement Systems Building Partnership Budget
- Review of the proposed 2023-2024 TRSL Administrative Operating Budget
- Solicitation for Proposals for SMID Cap Core Equity Manager
- Discussion regarding Kevin Cope & Roger Lane v. Board of Supervisors of LSU and TRSL
The Board of Trustees and its committees approved the 2023-2024 administrative operating budget and the Louisiana Retirement Systems Building Partnership budget. The Board also approved the annual audit for the fiscal year ended June 30, 2022, and updated its Investment Policy Statement.
- Approved 2023-2024 Louisiana Retirement Systems Administrative Operating Budget
- Approved 2023-2024 Louisiana Retirement Systems Building Partnership Budget
- Approved Annual Audit by Hawthorn Waymouth & Carroll L.L.P for FY ended June 30, 2022
- Approved Audit of the Louisiana Retirement Systems Building Partnership for FY ended June 30, 2022
- Approved the Investment Policy Statement
- Approved 2023 Schedule of Manager Portfolio Reviews and Schedule of Investment
- Approved Solicitation for Proposals for SMID Cap Core Equity Manager
- Voted to retain Rhumbline Advisers as Passive Index Manager subject to fee negotiation
Teachers' Retirement System of Louisiana Board of Trustees
The TRSL Board of Trustees and its committees will meet to review election results, actuarial valuations for fiscal year 2022, and quarterly audit reports. The Investment Committee will also interview finalists for a domestic small cap growth manager and review several private market investments.
- Approval of Actuarial Valuation for Fiscal Year Ended June 30, 2022
- Interviewing finalists AllianceBernstein L.P. and Driehaus Capital Management LLC
- Review of solicitation for International Large Cap Value Manager proposals
- Update on litigation: Kevin Cope & Roger Lane v. LSU and TRSL
- Review of potential private market investments including ICG North America Credit Partners III, L.P.
The Board approved the Annual Actuarial Valuation for the fiscal year ended June 30, 2022, and the projected contribution rates for FY2024. The Investment Committee hired Driehaus Capital Management LLC as Domestic Small Cap Growth Manager and authorized several private market investments. The Elections Committee certified the election of Phillip P. Oliver to District 7.
- Approved Annual Actuarial Valuation for FY ended June 30, 2022
- Approved projected contribution rates for FY ending June 30, 2024
- Hired Driehaus Capital Management LLC as Domestic Small Cap Growth Manager
- Approved investment in ICG North America Credit Partners III, L.P. (up to $125 million)
- Approved investment in FCP Realty Fund VI, L.P. (up to $75 million)
- Approved investment in JFL Equity Investors VI, L.P. (up to $75 million)
- Approved investments in HPS Strategic Investment Partners V, L.P. (up to $25 million) and OHA Strategic Credit Fund III, L.P. (up to $25 million)
- Certified Phillip P. Oliver as elected for District 7 (50.66% of vote)
Teachers' Retirement System of Louisiana Board of Trustees
The TRSL Board of Trustees and its committees will meet to review election results, investment proposals, and annual performance evaluations. The Investment Committee will also review private market updates and asset allocation performance.
- Review of run-off election results for Retiree Representative
- Review of proposals for Domestic Small Cap Growth Manager
- Review of potential private market investments including EQT Exeter Industrial Value Fund VI, L.P
- Annual performance evaluations for unclassified staff and the Director
- Evaluation of Aon Investments
The Board of Trustees approved reports from the Elections, Investment, and Personnel committees. Key actions included authorizing several private market fund investments and approving a 4% merit pay increase for specific unclassified staff.
- Approved 4% merit pay increase for 10 unclassified staff members
- Approved investment in HPS Special Situations Opportunity Fund II, L.P. (up to $125 million)
- Approved investment in EQT Exeter Industrial Value Fund VI, L.P. (up to $75 million)
- Approved investment in Henderson Park Fund II SCSp (up to $75 million)
- Approved investment in Harbert Europe Real Estate VI, L.P. (up to $75 million)
- Approved investment in ECP V, L.P. (up to $50 million)
- Approved investment in Ares Special Opportunities Fund II, L.P. (up to $25 million)
- Approved election of James A. Taylor Sr. as Retiree Representative (55.80% of vote)
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana holds multiple committee meetings and a board meeting on July 7-8, 2022. The Committee of the Whole will discuss the TRSL discount rate, a key actuarial assumption. The Investment Committee will review and adopt the 2023 Fiscal Year Private Market Strategic Plan and interview finalists for a global REIT manager. The Board of Trustees will receive committee reports, approve minutes, and honor retiring trustee Ricky Julien, Sr.
- TRSL Discount Rate Discussion (Committee of the Whole)
- Review and adopt 2023 Fiscal Year Private Market Strategic Plan
- Interview finalists for Global REIT Manager (CenterSquare, Cohen & Steers)
- Receive primary election results for retiree representative (Elections Committee)
- Presentation and approval of quarterly audit reports (Executive Committee)
The Board adopted the 2023 Fiscal Year Private Market Strategic Plan and hired Cohen and Steers as the Global REIT Manager. The Elections Committee approved primary results for a retiree representative and set a special election schedule for the District 6 vacancy.
- Adopted 2023 Fiscal Year Private Market Strategic Plan
- Hired Cohen and Steers as Global REIT Manager
- Approved investments in BCP Fund III, L.P. (up to $50 million)
- Approved investments in Hark Capital IV, L.P. (up to $50 million)
- Approved investments in TPG Partners IX, L.P. (up to $75 million)
- Approved annual evaluations of consultants Mercer and Aon Investments
- Approved primary election results for Retiree Representative
- Approved District 6 special election schedule and materials
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana Board of Trustees and its committees will meet on June 2, 2022. The Subcommittee will review responses to a solicitation for a Global REIT manager and recommend finalists. The Investment Committee will interview finalists for a co-investment manager (Hamilton Lane, HarbourVest, Neuberger Berman, StepStone) and review potential private market investments including Blackstone and Castlelake funds. The Legislative Committee will discuss 2022 legislative session updates, and the Executive Committee will approve the annual audit plan. The full Board will receive committee reports and approve minutes.
- Review responses to solicitation for Global REIT Manager and recommend finalists
- Interview finalists for Co-Investment Manager: Hamilton Lane, HarbourVest, Neuberger Berman, StepStone
- Review potential private market investments: Blackstone Capital Partners IX, Blackstone Real Estate Partners X, Castlelake VI
- Presentation and approval of TRSL Annual Audit Plan for FY 2022-2023
- Update and discussion of 2022 legislative session affecting TRSL
The Board and its Investment Committee approved several private market investments and hired HarbourVest Partners, LLC as Co-Investment Manager. The Board also approved the FY 2022-2023 Annual Audit Plan and cancelled the August 2022 meetings.
- Hired HarbourVest Partners, LLC as Co-Investment Manager
- Approved investment in Blackstone Capital Partners IX, L.P. (up to $75 million)
- Approved investment in Blackstone Real Estate Partners X, L.P. (up to $75 million)
- Approved investment in Castlelake VI, L.P. (up to $100 million)
- Approved Asset Allocation Benchmarks and Ranges (7-1)
- Approved TRSL Annual Audit Plan for Fiscal Year 2022-2023
- Approved Louisiana Compliance Questionnaire
- Cancelled August 11 and 12, 2022 Committee and Board meetings
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana Board of Trustees and its committees meet on May 5, 2022. The Investment Committee will discuss blockchain technology and cryptocurrency as investment education, review potential private market investments (including specific funds), and consider asset allocation. The Legislative Committee will update on 2022 legislation affecting TRSL. The full Board will approve minutes, 2023 meeting dates, and hear reports.
- Subcommittee to review responses for co-investment manager and recommend finalists
- Review of potential private market investments: Crescent Credit Solutions VIII, Crow Holdings Realty Partners X, Silver Lake Partners VII
- Blockchain technology and cryptocurrency discussion (investment education)
- Asset allocation, liquidity analysis, and approval (investment education)
- Approval of proposed 2023 meeting dates
The Board of Trustees adopted the 2023 meeting schedule and accepted reports from the Investment and Legislative committees. The Investment Committee approved several private market investments and increased maximum allowable allocations for private assets and corporate finance buyouts.
- Adopted 2023 Board of Trustees meeting dates
- Approved Asset Allocation Portfolio No. 7 (7-1)
- Increased maximum allowable allocation for Private Assets to 38%
- Increased maximum allowable allocation for Corporate Finance/Buyouts to 18%
- Approved investment in Crescent Credit Solutions VIII, L.P. up to $100 million
- Approved investment in Crow Holdings Realty Partners X, L.P. up to $100 million
- Approved investment in Silver Lake Partners VII, L.P. up to $25 million
- Recommended Hamilton Lane Advisors, HarbourVest Partners, Neuberger Berman Group, and StepStone Group as finalists for Co-Investment Manager
Teachers' Retirement System of Louisiana Board of Trustees
The TRSL Board of Trustees and its committees will meet to discuss investment manager selections, private market updates, and the 2022 legislative session. The Investment Committee will also review asset allocation and quarterly portfolio performance.
- Interviewing finalists for Core Fixed Income Manager: Income Research & Management and Invesco Advisers, Inc.
- Review of potential private market investments including Advent International GPE X, L.P., EQT X, SCSp, and Cabot Industrial Value Fund, L.P.
- Presentation and approval of Solicitation for Proposals for Global REIT Manager
- Discussion of TRSL travel guidelines regarding meal reimbursement
- Review of 2022 legislative session and legislation affecting TRSL
The Board of Trustees and its committees approved investments in EQT X, SCSp and Cabot Industrial Value Fund VII, L.P., and hired Income Research+ Management as Core Fixed Income Manager. The Legislative Committee established positions on several bills, and the Executive Committee updated travel reimbursement guidelines.
- Approved investment in EQT X, SCSp up to $50 million
- Approved investment in Cabot Industrial Value Fund VII, L.P. up to $75 million
- Hired Income Research+ Management as Core Fixed Income Manager
- Voted to oppose SB 419
- Voted to support HCR 11
- Voted to remain neutral on HB 1021, SB 425, and SB 434
- Authorized amendment to Travel Guidelines to allow meal expenses for travel exceeding 12 hours
- Approved Quarterly Litigation and Compliance Audit Reports
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana Board of Trustees and its committees will meet to discuss the 2022 legislative session, review responses for a core fixed income manager, and consider private market investments including TPG Real Estate and Oaktree Special Situations Fund III. The Investment Committee will also consider approving a solicitation for a co-investment manager. The full board will then act on committee reports, a budget adjustment, and proposed changes to the travel policy.
- Review of potential private market investments: TPG Real Estate Thematic Advantage Core-Plus and Oaktree Special Situations Fund III
- Presentation and approval of solicitation for proposals for co-investment manager
- Update and discussion of 2022 legislative session affecting TRSL
- Fiscal Year 2021-2022 budget adjustment
- Consideration of proposed changes to Board Governance Manual Policy 100.35 (Travel Policy)
The Board of Trustees approved a budget adjustment for FY 2021-2022 and updated the Board Governance Travel Policy. The Investment Committee authorized potential investments of up to $150 million across two funds and set finalists for a Core Fixed Income Manager.
- Approved FY 2021-2022 budget adjustment for investment fees
- Approved changes to Board Governance Manual Policy No. 100.35 Travel Policy (8-1)
- Authorized investment in TPG Real Estate Thematic Advantage Core-Plus up to $50 million
- Authorized investment in Oaktree Special Situations Fund III, L.P. up to $100 million
- Approved JPMorgan to be retained as Core Fixed Income Manager without interview
- Selected Income Research & Management and Invesco Advisers, Inc. as finalists for Core Fixed Income Manager
- Approved Solicitation for Proposals for Co-Investment Manager
- Voted to support SB 6, HB 29, HB 592, HB 31, and HB 32; opposed HB 30 and HB 25
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana Board of Trustees and its committees will meet to discuss and potentially approve several investment actions. The Investment Committee will review private market investments including PGIM U.S. Agriculture Fund and OHA Strategic Credit Fund III, and consider a contract extension for Western Asset Management for emerging market debt. The full board will receive committee reports and approve minutes.
- Review of potential private market investments: PGIM U.S. Agriculture Fund and OHA Strategic Credit Fund III
- Western Asset Management (Emerging Market Debt) contract extension
- Appointment of subcommittee to review responses for Core Fixed Income Manager
- Discussion of 2022 legislative session affecting TRSL
- Discussion of Board Governance Manual Policy 100.35 (Travel Policy)
The Board of Trustees approved several investment recommendations and a contract extension for Western Asset Management. The Investment Committee authorized potential investments in the PGIM U.S. Agriculture Fund and OHA Strategic Credit Fund III, L.P. The Board also accepted reports from the Investment, Legislative, and Executive committees.
- Approved new contract with Western Asset Management through March 1, 2024
- Approved investment in PGIM U.S. Agriculture Fund up to $50 million
- Approved investment in OHA Strategic Credit Fund III, L.P. up to $100 million
- Authorized negotiations with Hamilton Lane for secondary sales services contract amendment
- Approved January 6, 2022 meeting minutes
- Accepted Investment Committee and Legislative Committee reports in globo
- Approved Executive Committee recommendations on Items 1, 2, and 4
- Approved Executive Committee recommendations on Item 3 (6-3-2)
Teachers' Retirement System of Louisiana Board of Trustees
The Teachers' Retirement System of Louisiana Board of Trustees and its committees will meet to review the 2022 election schedule, private market investments, and the 2022 legislative session. The meeting includes reviews of quarterly compliance audits, litigation reports, and the Optional Retirement Plan.
- Review and approval of the 2022 election schedule for various districts
- Review of potential private market investments including Green Equity Investors IX, L.P. and Jade Equity Investors II, L.P.
- Approval of solicitation for proposals for Core Fixed Income Manager
- Presentation of quarterly compliance audit reports
- Discussion of Board Governance Manual Travel Policy (Policy Number 100.35)
The Board of Trustees and its committees approved multiple private equity and real estate investments totaling up to $140 million. The Board also accepted reports from the Elections, Investment, and Legislative committees and approved the 2022 election schedule.
- Approved investments in Green Equity Investors IX, L.P. (up to $50 million)
- Approved investments in Jade Equity Investors II, L.P. (up to $25 million)
- Approved investments in TPG Real Estate Partners IV L.P. (up to $65 million)
- Approved the 2022 Schedule of Elections and election information
- Approved the Solicitation for Proposals for Core Fixed Income Manager
- Confirmed the appointment of Blake Lee as Audit Director
- Authorized the 2022 Legislative Team to represent TRSL during the Regular Session
- Deferred action on Board Governance Manual Policy 100.35 (Travel Policy) until the next meeting