Louisiana Teachers names new alternative manager

Duke Williams departed the state teachers’ pension, which has 3% of its assets in infrastructure and commodities, after nearly two years overseeing private markets and investment operations.

The Teachers’ Retirement System of Louisiana has named Adam Averite as its new private assets manager to oversee alternative asset portfolios, sister publication Private Equity International has learned.

The appointment comes as TRSL’s former private assets manager Duke Williams left the Baton Rouge-based TRSL on 11 May, according to a TRSL spokeswoman, who also confirmed that Averite started on 15 May. TRSL had 3 percent of its $17.9 billion assets in infrastructure, commodities and farmland as of 31 March.

According to Williams’ LinkedIn profile, he is now serving as director of treasury and cash management at private health insurer Blue Cross and Blue Shield of Louisiana.

He originally joined TRSL in June 2015 as director of investment operations from the $1.1 billion Louisiana State University Foundation, where he had the same title, his LinkedIn profile shows. At the foundation, he covered various asset classes, including alternatives, performed manager due diligence and conducted performance measurement, among other responsibilities.

There was no publicly available information on Averite, except a biography on the Louisiana State University’s finance academy members list for 2014 indicating that Averite, who was set to graduate from the university in December 2013, was a private investments intern at TRSL.

A spokeswoman for Blue Cross and Blue Shield of Louisiana was not available to confirm Williams’ move.

According to Infrastructure Investor data, TRSL committed $50 million to Global Infrastructure Partners III in 2015, as well as $100 million to Energy Capital Partners III and $25 million to EnCap Flatrock Midstream Fund III the previous year, among others.

In the fiscal year ended 30 June 2016, TRSL committed $15 billion to alternative assets, which include private equity, real estate, private debt, infrastructure and commodities, according to its latest annual fiscal year report. A further breakdown by asset class was not available.