Louisiana Teachers commits $75 mln to Leonard Green funds

Teachers’ Retirement System of Louisiana backed two buyout funds by Leonard Green & Partners at its Oct. 3 meeting, according to the system’s executive liaison officer, Lisa Honoré.

The board approved a $50 million commitment to Green Equity Investors VIII, targeting $10 billion. The pool makes investments between $400 million and $1 billion in business services, healthcare/wellness and consumer/retail sectors in North America, according to a fund review document from Hamilton Lane. Leonard Green & Partners is planning to make between 15 to 20 investments with its latest flagship.

Louisiana Teachers also committed $25 million to Leonard Green & Partners’ $2 billion small-cap fund Jade Equity Investors, Honoré said in an email. The fund makes equity investments between $50 million to $250 million to companies, meeting documents show. It will invest in the same industries as the Green Equity Investors VIII. Jade Equity Investors is targeting between 12 to 18 commitments, documents show.

Leonard Green & Partners has received support from other systems. In September, Washington State Investment Board invested $400 million to Green Equity Investors VIII and $200 million to Jade Equity Investors, Buyouts reported.

Private equity/venture sits at 16 percent of Louisiana’s portfolio on a 14 percent target, as of July 31.

Action item: Check out the fund review document here: https://bit.ly/2MaQycF