Teachers Retirement System of Louisiana (TRSL) has set its fiscal 2024 real estate pacing plan at $1.05bn (954.7bn), according to the pension fund’s meeting document.
For the fiscal year which started on 1 July, TRSL intends to make core real commitments worth up to $300m if any investments are to be made.
In the just-ended fiscal 2023 financial, the pension made no core real commitments despite setting a core real estate pacing of between nil and $300m.
The pension fund defines core assets as physical, tangible assets where a book value has been assigned with leverage not to exceed 35%.
The core strategy will include either potential new investments or rebalancing options with existing open-ended funds.
The pension fund’s non-core real estate for fiscal 2024 has been set at $650m to $750m.
The plan for non-core real investment involves continuing to build exposure to property types with stable fundamentals and favourable future outlook as well as considering some alternative property types.
TRSL has set an infrastructure pacing of up to $200m for fiscal 2024. The plan during the period involves maintaining existing relationships with outperforming generalist managers.
The pension fund also intends to evaluate ways to gain exposure to sectors such as telecommunication.
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