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Landmark decision for Louisiana firefighters

Landmark Partners has beat out Lexington for the FRSL pension's $25m secondaries allocation because of its smaller-sized fundraise.

The Firefighters’ Retirement System of Louisiana (FRSL) will commit $25 million to Landmark Partners’ latest fund, according to LFRS investment committee minutes from April 10.

The US public pension system had previously earmarked $50 million for private equity investment this year, half of which it planned to spend on secondaries, according to FRSL investment documents from February.

FRSL had been evaluating Landmark versus fellow secondaries fund manager Lexington Partners, but under advice from private equity consultants NEPC, ultimately chose Landmark because of what NEPC called the “potential issue” of the “very large size” expected for Lexington’s Fund VIII.

In March Secondaries Investor reported that Lexington’s Fund VIII had raised more than $3 billion towards an $8 billion target, while Landmark’s Fund XV had raised at least $1.4 billion of its $2.5 billion target according to SEC documents filed in January of this year.

Referencing Lexington, NEPC representative Jeff Roberts voiced concern over the market’s ability “to absorb that much capital”.

Landmark has so far received commitments that include $100 million from the New Mexico State Investment Council and $60 million from the Ohio Police & Fire Pension Fund, according to PEI data.

Earlier this month Secondaries Investor reported that the New Hampshire Retirement System committed $50 million to Lexington’s Fund VIII.