The Teachers’ Retirement System of Louisiana (TRSL) has approved a $100 million (€67 million) commitment to First Reserve’s latest energy fund, which is targeting $12 billion and has a reported $16 billion hard cap.
The $16.1 billion pension’s investment committee approved the commitment to First Reserve XII late last week, according to chief investment officer Robert Ligget. TRSL was a new investor in the Greenwich-based firm’s last fund, which closed on $7.8 billion in 2006.
If First Reserve succeeds in reaching its $12 billion target, the firm will have raised the largest dedicated energy fund to date.
TRSL also approved a $75 million commitment to middle market mezzanine specialist Falcon Investment Advisors’ latest fund.
As of last March, TRSL had an 18 percent target and 16 percent actual allocation for its alternatives portfolio. Over the last five years, TRSL’s alternatives investments have returned 25.5 percent.
Both the First Reserve and Falcon commitments are contingent on the completion of due diligence, Ligget said.