Teachers’ Retirement System of Louisiana is investing in North American value-add real estate via Crow Holdings’ latest fund.
The pension fund disclosed in a board meeting document that it made a $100m (€83.9m) commitment to Crow Holdings Realty Partners XI.
Crow Holdings is seeking to raise $3.25bn for the new fund, with a hard cap set at $4bn. The capital raise for the fund is in its early stages, with a first close expected in April 2026. A date for the final close has yet to be determined.
The fund manager plans to issue a general partner commitment of $100m, or 3% of the projected capital raise.
The previous fund in the series, which closed in early 2024, secured $3.7bn in capital commitments.
Around 30% of Partners XI’s capital is expected to target industrial assets, with multifamily and manufactured housing getting 20% each of the capital. The remainder of the portfolio will be split between convenience stores and gas stations at 10%, retail at 10%, and student housing and self-storage at 5% each.
The fund targets a net internal rate of return (IRR) of 12% and a gross IRR of 16%, with planned leverage of 65% at the fund level. It intends to execute between 75 and 125 transactions, maintaining an average holding period of three to six years.
The commitment to the Crow Holdings fund represents the second non-core real estate investment for Louisiana Teachers during the 2026 fiscal year. The pension fund has established a pacing target for non-core assets between $600m and $800m for this period.
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