Teacher's Retirement Invest $10 Million in Venture Capital Fund
(August 3, 2004, Baton Rouge, La.) Louisiana Fund I is pleased to announce that the Teachers’ Retirement System of Louisiana (TRSL) has agreed to commit $10 million for an investment as a limited partner in the Louisiana Fund I (LFI), subject to negotiation of terms. Louisiana Fund I was established last year via a partnership between the LSU System Research & Technology Foundation (RTF) and Louisiana Economic Development (LED). The RTF engaged Dr. Francis Meyer of A. M. Pappas & Associates to lead the effort in developing the fund.
Louisiana Fund I was created to raise a venture fund to target companies developing and commercializing promising technologies with an emphasis on those originating from LA universities, at their seed, start-up and early stages. The Fund will concentrate on investments in life sciences, including pharmaceuticals, biotechnology, agritechnology, and other high technology opportunities important to the economic growth of Louisiana.
The Teachers’ Retirement System of Louisiana’s decision to invest $10 million in Louisiana Fund I was made after a thorough due diligence process conducted by TRSL and their independent advisors, Hamilton Lane. This investment in LFI is an excellent opportunity for the entire state of Louisiana as it will jump-start the creation of new industries, companies and jobs.
An initial closing is expected to be held in late September at $20-25 million including $5 million invested by the Louisiana Economic Development Corporation and the $10 million from TRSL, plus additional investments from LA universities, foundations, pension funds, companies and high net worth individuals. Louisiana Fund I’s goal is to raise $35 million in total venture capital. Joseph F. Lovett, an experienced venture capital fund manager, has been recruited to manage the fund and will be relocating to Louisiana.
Additional Contacts:
Louisiana Economic Development:
Sandy Deslatte: 225-342-3000
LSU System Research and Technology Foundation
Paula Jacobi: 225-578-8233
Teachers’ Retirement System of Louisiana:
Bonita Brown: 225-925-6455 / cell- 225-505-8922
