Teachers’ Retirement System of Louisiana (TRSL) has made a $125m (€106.4m) commitment to Cabot Properties’ latest value-add industrial fund.
TRSL’s real estate investment consultant Hamilton Lane disclosed in the pension fund’s board meeting document that the commitment was made to the Cabot Industrial Value Fund VIII fund.
TRSL’s commitment cannot exceed 10% of the total fundraising amount for the Cabot fund, which has a $1.75bn target and a hard cap of $2.25bn to acquire and develop value-add industrial properties.
Cabot expects the fund’s assets to be geographically allocated with around 70% in the US, 20% in Europe and the remaining 10% dedicated to opportunities in Japan and Australia.
TRSL’s commitment is the first real estate allocation approved for its 2026 fiscal year, which began on 1 July.
According to the board meeting document, the pension fund has set a real estate pacing target of up to $1bn during the period, with a planned allocation of $600m to $800m for non-core and up to $200m for core strategies.
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