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Louisiana State Employees' Retirement System (LASERS)
The Louisiana State Employees' Retirement System was established in 1946 to provide retirement security for state government workers. Trey Boudreaux leads the...
Louisiana State Employees' Retirement System (LASERS)
The Louisiana State Employees' Retirement System was established in 1946 to provide retirement security for state government workers. Trey Boudreaux leads the system as Executive Director, while Robert W. Beale directs the investment program as Chief Investment Officer. Governed by a Board of Trustees chaired by Ternisa Hutchinson in 2026, LASERS functions under statutory authority by the Louisiana legislature, with its investment committee setting the asset allocation policy that guides the roughly $10B–$15B portfolio. The fund allocates across a broad asset mix including public equities, fixed income, private equity, real estate, infrastructure, and global multi-sector commodities. Within private markets, LASERS participates through fund commitments and has historically invested in buyout, growth equity, and opportunistic strategies. The real estate portfolio includes both core and value-add properties, while the infrastructure book targets assets in transportation, energy, and utilities. A notable portfolio holding is indirect Bitcoin exposure achieved through shares of MicroStrategy. The fund maintains a home-country bias typical of state pension systems, with significant allocations to US-based managers and co-investment structures where available. LASERS engages with peer state pension systems through the Louisiana Association of Public Employees' Retirement Systems and the National Association of State Retirement Administrators. The system also maintains ties with the Retired State Employees Association, reflecting its constituency of retired Louisiana public workers. In 2025, the board and CIO navigated a shifting rate environment that pressured unfunded liability ratios, a challenge shared by many state plans. The fund's actuarial health and contribution policy remain areas of focus for both the trustees and the state legislature. Structurally, LASERS is a traditional defined benefit plan operating under a political governance model, meaning its board composition includes elected officials, appointed members, and retiree representatives. This structure creates a direct accountability mechanism absent in many corporate pension plans but introduces political sensitivity into asset allocation decisions. The plan's closed nature — serving only state employees — means its funding ratio and benefit adjustments are debated in the context of Louisiana's broader fiscal condition, making its investment posture a public policy matter as much as a portfolio construction exercise.
General information
Firm type
Pension Fund
Year founded
1946
Location
Region
North America
Country
United States
City
Baton Rouge
Corporate office
Baton Rouge, LA, United States
Principals
Trey Boudreaux
Executive Director
Robert W. Beale
Chief Investment Officer
Ternisa Hutchinson
Board Chair
Byron P. Decoteau Jr.
Board Vice Chair
Sector focus
Frequently asked questions
Who runs investment decisions at LASERS?
Robert W. Beale serves as Chief Investment Officer and leads the investment team, operating under the authority of the Board of Trustees and its investment committee. The board is chaired by Ternisa Hutchinson as of 2026, with Byron P. Decoteau Jr. as vice chair. The executive director, Trey Boudreaux, manages overall system administration but does not direct portfolio decisions.
What is LASERS's approach to private equity?
LASERS commits capital to private equity through fund investments, targeting buyout, growth equity, and opportunistic strategies. The fund typically participates as a limited partner in commingled vehicles rather than pursuing direct control deals, consistent with the governance constraints that apply to a state pension fund. Specific manager relationships and commitment pacing are determined annually as part of the board-approved investment plan.
Does LASERS have direct exposure to cryptocurrency?
LASERS does not hold cryptocurrency directly. However, the fund has gained indirect Bitcoin exposure through its public equity holdings in MicroStrategy, a business intelligence company that maintains a large Bitcoin treasury. This position was reported in the fund's public equity portfolio and represents exposure through a regulated equity security rather than a separate digital-asset allocation.
How is the LASERS board structured?
The Board of Trustees includes elected members, governor-appointed members, and retiree representatives as specified by Louisiana statute. The 2026 board leadership includes Ternisa Hutchinson as chair and Byron P. Decoteau Jr. as vice chair. The board meets regularly to review investment performance, actuarial assumptions, and benefit policies, with an investment committee that oversees asset allocation and manager selection.
What real asset categories does LASERS invest in?
LASERS allocates to real estate and infrastructure within its real assets portfolio. Real estate investments span core and value-add properties, primarily across the US. Infrastructure commitments target transportation, energy, and utility assets. The commodity allocation includes a global multi-sector opportunistic strategy, broadening the real-asset footprint beyond traditional property holdings.
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