Louisiana State Employees' Retirement System

Louisiana State Employees' Retirement System

The Louisiana State Employees' Retirement System was created in 1946 by state statute to administer retirement benefits for Louisiana public employees. Executive Director Bernard "Trey" Boudreaux III leads day-to-day operations while the Board of Trustees sets policy. Assets derive entirely from state employee contributions and employer funding rather than any single family or corporate fortune. LASERS targets a 25 percent private equity allocation and currently holds 21.5 percent in the asset class. Confirmed commitments include HarbourVest Partners Customized Private Equity Co-Investment Portfolio, EQT Private Capital Asia BPEA Private Equity Fund IX, KKR North America Fund XIV and GTCR Fund XIII. Public equity positions feature Nvidia, Microsoft and Apple. Real estate exposure reaches 3.1 percent of assets through direct holdings and funds, while energy and materials each represent 2.7 percent. Investments span North America, Asia-Pacific and global markets. The system employs 115 professionals at its Baton Rouge headquarters. It co-owns the Louisiana Retirement Systems Building with the Teachers' Retirement System of Louisiana through a joint venture. December 2024: Approved $225 million in private equity commitments during the Board of Trustees monthly meeting. Service providers include BNY Mellon as custodian since 2005 and NEPC as investment consultant. LASERS functions as a legislatively created public trust with an independent board that must approve all commitments. This structure requires annual actuarial valuations and public reporting that distinguishes it from private family offices or endowments. Succession and governance follow state statute rather than family or founder directives.