Teachers' Retirement System of Louisiana Board of Trustees public meetings in 2023

Teachers' Retirement System of Louisiana Board of Trustees

The TRSL Board of Trustees and its committees meet on Nov 30, 2023, to discuss and vote on financial reports, cybersecurity, private market investments, and board governance. The Elections Committee will receive run-off election results for District 2. The Investment Committee will consider potential investments in real estate and venture capital funds and approve the 2024 investment search schedule. The full board will approve minutes, honor departing trustees, and review a self-evaluation.

• Receive run-off election results for District 2
• Presentation and approval of TRSL Comprehensive and Popular Annual Financial Reports for FY 2022 and 2023
• TRSL Cybersecurity presentation (fiduciary education)
• Consent agenda: solicitation for Core Plus Fixed Income, schedule of investment searches 2024, schedule of manager portfolio reviews 2024
• Review of potential private market investments: Brookfield Strategic Real Estate Partners V, Bain Capital Real Estate Fund III, Cabot Industrial Value Fund VII, and TRSL 2024 Venture Capital Separate Account

The Board of Trustees approved the Comprehensive and Popular Annual Financial Reports for fiscal years 2022 and 2023. The Investment Committee authorized several private market investments totaling up to $275 million. The Board also certified run-off election results for District 2.

• Approved Comprehensive and Popular Annual Financial Reports for FY 2022 and 2023
• Approved District 2 run-off election results: Mark Curry-Theriot (182 votes), Lotte T. Delaney (90 votes)
• Approved investment in Brookfield Strategic Real Estate Partners V, L.P. (up to $150 million)
• Approved investment in Bain Capital Real Estate Fund III, L.P. (up to $75 million)
• Approved investment in Cabot Industrial Value Fund VII, L.P. (up to $50 million)
• Approved 2024 schedule of investment searches and manager portfolio reviews
• Approved TRSL 2024 Venture Capital Separate Account report recommendations
• Approved proposed TRSL Vision and Mission statements

Teachers' Retirement System of Louisiana Board of Trustees

The Executive Committee will present and approve the annual audit for fiscal year ended June 30, 2023. The Budget and Finance Committee will review and approve the proposed 2024-2025 administrative operating budget and the Louisiana Retirement Systems' Building Partnership budget. The Investment Committee will review potential private market investments, including KSL Capital Partners and Clearlake Capital funds. The full Board will then consider committee reports and approve minutes.

• Approval of annual audit by Hawthorn, Waymouth & Carroll for FY2023
• Approval of 2024-2025 TRSL administrative operating budget
• Approval of 2024-2025 Louisiana Retirement Systems' Building Partnership budget
• Review of potential private market investments: KSL Capital Partners Tactical Opportunities Fund II and Clearlake Capital Partners VIII
• Consent agenda includes notification of payment due to LSU AgCenter and Department of Education for FY2024-2025

The Board of Trustees approved the 2024-2025 administrative operating budget and the Louisiana Retirement Systems’ Building Partnership budget. The board also approved annual audits for the fiscal year ending June 30, 2023, and authorized two private market investments.

• Approved 2024-2025 TRSL Administrative Operating Budget
• Approved 2024-2025 Louisiana Retirement Systems’ Building Partnership Budget
• Approved Annual Audit for FY ended June 30, 2023 (Hawthorn, Waymouth & Carroll, L.L.P.)
• Approved Audit of Louisiana Retirement Systems’ Building Partnership for FY ended June 30, 2023
• Approved investment in KSL Capital Partners Tactical Opportunities Fund II, L.P. (up to $125 million)
• Approved investment in Clearlake Capital Partners VIII, L.P. (up to $100 million)
• Approved 2024-2025 Department of Education payment amount for Acts 228, 568, 27, and 440
• Approved minutes from October 6, 2023 meeting

Teachers' Retirement System of Louisiana Board of Trustees

The Teachers' Retirement System of Louisiana Board of Trustees and its committees meet on October 5-6, 2023, to receive election results for two board districts, review potential private market investments, and interview finalists for a large-cap value equity manager. The board will also approve actuarial valuations for the fiscal year ended June 30, 2023, and receive updates on litigation and quarterly audits. Governance policies and the board's vision, mission, and values statements are also up for review and approval.

• Receive primary election results for District 2 and District 4
• Review potential private market investments: Hellman & Friedman Capital Partners XI, L.P. and Insight Venture Partners XIII, L.P.
• Interview finalists for Large Cap Value Manager: Aristotle Capital Management, Putnam Investments, Wellington Management Company
• Presentation and approval of actuarial valuations for fiscal year ended June 30, 2023 by Foster & Foster Actuaries
• Update on litigation: Kevin Cope & Roger Lane v. LSU and TRSL

The Board and its committees approved the annual actuarial valuations for the fiscal year ended June 30, 2023. The Investment Committee selected Putnam Investments as the Large Cap Value Manager and authorized two private market investments. The Board also approved updates to Board Governance Policy 100.8.

• Hired Putnam Investments as Large Cap Value Manager
• Approved investment in Hellman & Friedman Capital Partners XI, L.P. (up to $75 million)
• Approved investment in Insight Venture Partners XIII, L.P. (up to $50 million)
• Approved Annual Actuarial Valuation for Fiscal Year ended June 30, 2023
• Approved Actuarial Valuation of the LSU Agriculture and Extension Service for FY ended June 30, 2023
• Approved updates to Board Governance Policy 100.8
• Approved run-off election for District 2 between Mark Curry-Theriot and Lotte T. Delaney
• Approved Quarterly Audit Reports

Teachers' Retirement System of Louisiana Board of Trustees

The Teachers' Retirement System of Louisiana will hold a series of committee and board meetings to select investment managers and review fund performance. The body will also evaluate internal audits and personnel performance for the 2022-2023 fiscal year.

• Interview and selection of Multi-Asset Credit Manager finalists: Apollo Global Management, Brandywine Global Investment Management, and Manulife Investment Management
• Review of potential investment in Blackstone Senior Direct Lending Fund, L.P.
• Annual evaluation of investment consulting firm Aon Investments
• Review of internal and compliance audits performed in Fiscal Year 2022-2023
• Annual performance evaluations of the Director and unclassified staff

The Board and its committees approved the hiring of Brandywine as Multi-Asset Credit Manager and the retention of LSV Asset Management. The Personnel Committee approved salary adjustments for unclassified staff and confirmed Anne Rombach as Audit Director. The Board also approved an updated Investment Policy Statement.

• Hired Brandywine as Multi-Asset Credit Manager
• Recommended retaining LSV Asset Management as Large Cap Value Manager
• Approved investment up to $100 million in Blackstone Senior Direct Lending Fund, L.P.
• Approved updated Investment Policy Statement
• Confirmed appointment of Anne Rombach as Audit Director
• Approved 2% performance and market rate salary adjustments for select unclassified staff
• Approved 6% market rate salary adjustment for Adam Averite
• Approved updated TRSL Travel Guidelines

Teachers' Retirement System of Louisiana Board of Trustees

Multiple TRSL committees will meet on June 29 and 30, 2023, to discuss legislative impacts, audit reports, and various investment strategies. The Board of Trustees will also receive committee reports and a resolution honoring Dr. Paul Nelson.

• Review of responses for Multi-Asset Credit Manager solicitation
• Interviewing finalists for U.S. High Yield Manager roles including J.P. Morgan, MacKay Shields, and Nomura
• Review of potential private market investments including Bain Capital Real Estate Fund III, L.P.
• Approval of Quarterly Compliance Audit Reports and the FY 2023-2024 Audit Plan
• Discussion of legislation affecting or monitored by TRSL

The Board of Trustees and its committees approved several investment strategies and manager selections. The Investment Committee selected a new U.S. High Yield Manager and authorized potential private market investments totaling up to $325 million.

• Hired Nomura Corporate Research and Asset Management Inc. as U.S. High Yield Manager
• Approved potential investment in Bain Capital Real Estate Fund III, L.P. (up to $75 million)
• Approved potential investment in H.I.G. Europe Realty Partners III, L.P. (up to $75 million)
• Approved potential investment in Warburg Pincus Capital Solutions Founders Fund, L.P. (up to $125 million)
• Approved potential investment in Castlelake Aviation V Stable Yield, L.P. (up to $50 million)
• Adopted the 2024 Fiscal Year Private Market Strategic Plan
• Approved a Parish Superintendent Trustee Special Election to fill a vacancy
• Approved the TRSL Audit Plan for Fiscal Year 2023-2024

Teachers' Retirement System of Louisiana Board of Trustees

The Teachers' Retirement System of Louisiana Board of Trustees and its committees meet June 1-2, 2023, to discuss legislative updates, review investment proposals, and interview finalist firms for a multi-asset credit manager. The board will also consider consent agenda items, approve meeting minutes, and set 2024 meeting dates.

• Interview finalists for Multi-Asset Credit Manager: Apollo Global Management, Ares Management LLC, Brigade Capital Management LP, HPS Investment Partners LLC
• Review responses to solicitation for proposals for U.S. High Yield Manager and recommend finalists
• Presentation and approval of solicitation for proposals for Large Cap Value Manager
• Review of potential private market investments: Apollo Origination Partnership II (Levered) LP, HPS Specialty Loan Fund VI-L SCSp, KPS Special Situations Fund VI LP
• Approval of proposed meeting dates for 2024

The Board of Trustees and Investment Committee approved several high-value investment funds and hired two new Multi-Asset Credit Managers. The Board also adopted the 2024 meeting schedule and accepted reports from the Investment and Legislative committees.

• Approved investments in Apollo Origination Partnership II, L.P. (up to $200 million)
• Approved investments in HPS Specialty Loan Fund VI, L.P. (up to $200 million)
• Approved investments in KPS Special Situations Fund VI, L.P. (up to $75 million)
• Hired Ares Management LLC and HPS Investment Partners, LLC as Multi-Asset Credit Managers
• Approved Solicitation for Proposals for Large Cap Value Manager
• Adopted 2024 Board of Trustees meeting dates
• Approved Louisiana Compliance Questionnaire for outside audit firm
• Recommended J.P. Morgan Asset Management, MacKay Shields LLC, and Nomura Corporate Research for U.S. High Yield Manager interviews

Teachers' Retirement System of Louisiana Board of Trustees

The TRSL Board of Trustees and several subcommittees will meet to discuss the 2023 legislative session and review various investment manager proposals. The Investment Committee will also review private market investments and capital market updates.

• Review of proposals for Small Cap Value Manager
• Review of proposals for Multi-Asset Credit Manager
• Appointment of subcommittee for U.S. High Yield Manager
• Review of potential private market investments including Ares Senior Direct Lending Strategy Fund III, L.P. and LS Power Equity Partners V, L.P.
• Presentation of proposed 2024 meeting dates

The Board of Trustees accepted reports from the Investment and Legislative committees. The Legislative Committee established positions on four bills, and the Investment Committee approved several fund investments and manager recommendations.

• Approved investment in Ares Senior Direct Lending Strategy Fund III L.P. up to $200 million
• Approved investment in LS Power Equity Partners V, L.P. up to $50 million
• Approved retaining Mesirow Institutional Investment Management, Inc. as Small Cap Value Manager
• Selected four finalists for Multi-Asset Credit Manager interviews
• Voted to support HB 560 and HCR 67
• Voted to remain neutral on HCR 70 and HCR 69
• Approved minutes from the March 31, 2023 meeting
• Accepted Investment and Legislative Committee reports in globo

Teachers' Retirement System of Louisiana Board of Trustees

The Teachers' Retirement System of Louisiana Board of Trustees and its committees will meet March 30-31, 2023, to discuss and act on investment manager searches, private market investments, and policy updates. The Investment Committee will interview finalists for a Mid Cap Growth Manager and consider approving a solicitation for a U.S. High Yield Manager. The Executive Committee will review the 2022 Experience Study from the actuary, and the full Board will receive committee reports and approve prior meeting minutes.

• Interview finalists for Mid Cap Growth Manager: Macquarie Asset Management and Westfield Capital Management
• Review potential private market investments including Plexus Fund VI, Quantum Energy Partners VIII, Balance Point Capital Partners VI, CVC Capital Partners IX, and North Haven Credit Partners IV
• Presentation and approval of Investment Policy Statement updates
• Presentation and approval of Solicitation for Proposals for U.S. High Yield Manager
• Presentation and approval of the 2022 Experience Study report by the TRSL actuary

Teachers' Retirement System of Louisiana Board of Trustees

The Teachers’ Retirement System of Louisiana will hold a series of committee meetings to select investment managers and review private market opportunities. The board will also discuss legislation affecting the system and receive education on actuarial funding and cash flow management.

• Selection of finalists for Mid Cap Growth Manager
• Approval of solicitation for Small Cap Value Manager
• Review of potential investments in EQT Infrastructure VI SCSp, Lone Star Real Estate Fund VII, L.P., Kohlberg Investors X, L.P., and NGP Natural Resources XIII, L.P.
• Discussion of 2023 Legislative Session items affecting or monitored by TRSL
• Review of Global Bonds portfolios for Brandywine Global Investment Management, LLC and Pacific Investment Management Company LLC

The Board of Trustees and Investment Committee approved several private market investments and a solicitation for a Small Cap Value Manager. The board also selected two finalists for the Mid Cap Growth Manager position. Reports from the Investment, Legislative, and Executive committees were accepted in globo.

• Approved investment in EQT Infrastructure VI SCSp up to $50 million
• Approved investment in Lone Star Real Estate Fund VII, L.P. up to $75 million (9-1)
• Approved investment in Kohlberg Investors X, L.P. up to $75 million
• Approved investment in NGP Natural Resources XIII, L.P. up to $30 million
• Approved Solicitation for Proposals for Small Cap Value Manager
• Selected Macquarie Asset Management and Westfield Capital Management Company, L.P. as finalists for Mid Cap Growth Manager
• Approved February 2, 2023 meeting minutes
• Accepted Investment, Legislative, and Executive Committee reports in globo

Teachers' Retirement System of Louisiana Board of Trustees

The TRSL Board of Trustees and its committees will meet to discuss governmental plans, fiduciary topics, and the 2023 legislative session. The Investment Committee will review responses for an International Large Cap Growth Manager and consider a solicitation for a Multi-Asset Credit Manager.

• Review of proposals for International Large Cap Growth Manager
• Approval of solicitation for Multi-Asset Credit Manager
• Appointment of subcommittee for Mid Cap Growth Manager
• Discussion of 2023 legislative session and PBI legislation
• Portfolio review including Artisan Partners, Baillie Gifford, MFS, and LSV Asset Management

The Board of Trustees approved legislation for Permanent Benefit Increases to be filed during the 2023 Regular Legislative Session. The Board also approved the retention of two international investment managers and a solicitation for a multi-asset credit manager.

• Approved Permanent Benefit Increase legislation for 2023 Regular Legislative Session
• Approved retention of Artisan Partners Limited Partnership and Baillie Gifford as International Large Cap Growth Managers
• Approved Solicitation for Proposals for Multi-Asset Credit Manager
• Approved minutes from January 5 and 6, 2023 meetings
• Accepted reports from Committee of the Whole, Investment Committee, and Legislative Committee
• Appointed subcommittee for Mid Cap Growth Manager review

Teachers' Retirement System of Louisiana Board of Trustees

Multiple TRSL committees will meet on January 5-6, 2023, to discuss investment proposals, election policies, and legislative session preparations. The Investment Committee will review private market investments and solicitation responses for equity managers.

• Review of 2023 election schedule for Districts 2, 3, and 4
• Review of SMID Cap Core Equity Manager solicitation responses
• Approval of solicitation for Mid Cap Growth Manager
• Review of potential private market investments including Stonepeak Opportunities Fund, L.P.
• Presentation of quarterly compliance audit reports

The Board of Trustees accepted reports from the Elections, Investment, Legislative, and Executive committees. The Investment Committee approved several private market fund investments totaling up to $250 million and retained two equity managers. The Elections Committee updated the Board Governance Manual and approved the 2023 election schedule.

• Approved investments in BCP Special Opportunities Fund III, L.P. (up to $125 million)
• Approved investments in Genstar Capital Partners XI, L.P. (up to $75 million)
• Approved investments in Stonepeak Opportunities Fund, L.P. (up to $50 million)
• Approved investments in Global Infrastructures Partners V, LP (up to $50 million)
• Approved retaining PGIM and William Blair as SMID Cap Core Equity managers
• Approved changes to Board Governance Manual Policy 100.3 (Election of Trustees)
• Approved 2023 Schedule of Elections for Districts 2, 3, and 4
• Authorized the 2023 Legislative Team to represent TRSL during the Regular Session