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Teachers' Retirement System of Louisiana

Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Additional Cumulative Valuation Reported Adjusted Vintage


Investment Commitment Funding Fees Cash Stock Distributions Date Valuation Adjustments Valuation IRR TVPI Year Investment Type

Warburg, Pincus
Equity Partners, L.P. 200,000,000 200,000,000 0 243,194,857 89,128,650 332,323,507 12/31/2019 788,128 0 788,128 10.41 1.67 1998 Buyout
Pharos Capital
Partners, L.P. 25,000,000 24,846,250 0 20,849,657 0 20,849,657 12/31/2019 2,891,642 0 2,891,642 -0.54 0.96 1999 Buyout
Heartland Industrial
Partners 100,000,000 97,212,563 1,205,303 43,516,292 0 43,516,292 12/31/2019 386,836 0 386,836 -7.72 0.45 2000 Buyout
Irving Place Capital
Partners II, LP 75,000,000 67,035,400 5,351,810 116,321,299 0 116,321,299 12/31/2019 1,068,310 0 1,068,310 12.39 1.62 2000 Buyout
Warburg, Pincus
International
Partners, L.P. 75,000,000 75,000,000 0 111,101,965 18,285,363 129,387,328 12/31/2019 877,196 0 877,196 8.73 1.74 2000 Buyout
Apollo Investment
Fund V, L.P. 100,000,000 100,513,538 532,007 260,133,903 0 260,133,903 12/31/2019 536,722 0 536,722 36.16 2.58 2001 Buyout
Apollo Investment
Fund VI, L.P. 75,000,000 86,347,308 876,632 135,146,297 0 135,146,297 12/31/2019 1,428,666 0 1,428,666 8.67 1.57 2005 Buyout
Carlyle Partners IV,
L.P. 50,000,000 48,052,603 2,884,539 100,480,061 0 100,480,061 12/31/2019 1,293,572 0 1,293,572 13.10 2.00 2005 Buyout
Pharos Capital
Partners II-A, L.P. 25,000,000 25,000,000 0 15,973,535 0 15,973,535 12/31/2019 13,239,973 0 13,239,973 2.17 1.17 2005 Buyout
Warburg, Pincus
Private Equity IX,
L.P. 100,000,000 96,750,000 34,285 149,698,880 16,160,629 165,859,509 12/31/2019 4,613,965 0 4,613,965 9.73 1.76 2005 Buyout
3i Eurofund V 88,453,000 107,815,117 4,664,188 146,834,590 0 146,834,590 12/31/2019 80,429,591 0 80,429,591 9.89 2.02 2006 Buyout
KKR 2006 Fund 100,000,000 101,455,935 5,922,561 158,590,730 0 158,590,730 12/31/2019 34,593,423 0 34,593,423 9.33 1.80 2006 Buyout
Lindsay Goldberg &
Bessemer II, L.P. 75,000,000 66,574,945 4,905,619 102,015,646 0 102,015,646 12/31/2019 83,477 0 83,477 7.11 1.43 2006 Buyout
TPG Partners V,
L.P. 75,000,000 76,283,863 1,405,048 103,173,276 0 103,173,276 12/31/2019 4,027,535 0 4,027,535 4.96 1.38 2006 Buyout
Apollo Investment
Fund VII, L.P. 100,000,000 92,161,092 5,224,730 168,233,729 0 168,233,729 12/31/2019 14,236,070 0 14,236,070 22.46 1.87 2007 Buyout
Bridgepoint Europe
Fund IV LP 56,910,750 58,160,518 4,707,321 87,300,771 0 87,300,771 12/31/2019 11,295,886 0 11,295,886 9.92 1.57 2007 Buyout
Carlyle Partners V 75,000,000 65,348,650 4,547,309 120,423,946 0 120,423,946 12/31/2019 10,454,523 0 10,454,523 13.69 1.87 2007 Buyout
Gores Capital
Partners II, L.P. 50,000,000 49,860,979 2,528,110 67,653,150 0 67,653,150 12/31/2019 1,828,608 0 1,828,608 7.28 1.33 2007 Buyout
Green Equity
Investors V, L.P. 75,000,000 76,797,767 3,054,460 132,387,637 19,621,821 152,009,458 12/31/2019 29,159,654 0 29,159,654 18.44 2.27 2007 Buyout
Kohlberg Investors
VI, L.P. 75,000,000 62,375,900 4,475,796 117,286,472 0 117,286,472 12/31/2019 819,883 0 819,883 16.54 1.77 2007 Buyout
Platinum Equity
Capital Partners II,
L.P. 75,000,000 65,507,594 2,462,100 105,816,791 0 105,816,791 12/31/2019 5,391,869 0 5,391,869 12.45 1.64 2007 Buyout
Providence Equity
Partners VI, L.P. 100,000,000 97,606,415 5,576,742 109,835,222 2,099,446 111,934,668 12/31/2019 24,746,244 0 24,746,244 4.88 1.32 2007 Buyout
Warburg, Pincus
Private Equity X,
L.P. 100,000,000 96,167,103 7,056,479 131,969,121 11,594,501 143,563,623 12/31/2019 28,793,687 0 28,793,687 8.90 1.67 2007 Buyout
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

CVC European
Equity Partners V,
L.P. 89,800,000 110,204,113 7,441,738 207,178,266 0 207,178,266 12/31/2019 13,655,110 0 13,655,110 14.17 1.88 2008 Buyout
Lindsay Goldberg III,
L.P. 75,000,000 63,729,061 8,154,925 97,296,117 0 97,296,117 12/31/2019 663,898 0 663,898 8.13 1.36 2008 Buyout
TPG Partners VI,
L.P. 75,000,000 68,622,794 6,054,728 98,034,945 0 98,034,945 12/31/2019 17,361,351 0 17,361,351 9.77 1.55 2008 Buyout
Gilde Buy-Out Fund
IV C.V. 37,267,000 37,506,308 3,685,867 50,049,491 0 50,049,491 12/31/2019 10,572,547 0 10,572,547 9.07 1.47 2010 Buyout
Gores Capital
Partners III, L.P. 50,000,000 42,027,855 2,878,839 45,479,632 0 45,479,632 12/31/2019 4,101,048 0 4,101,048 2.82 1.10 2010 Buyout
Pharos Capital
Partners III, L.P. 22,250,000 31,841,537 643,033 5,121,018 0 5,121,018 12/31/2019 40,197,197 0 40,197,197 10.60 1.40 2010 Buyout

American Securities
Partners VI, L.P. 50,000,000 42,243,841 2,391,391 71,625,645 0 71,625,645 12/31/2019 25,837,686 0 25,837,686 21.56 2.18 2011 Buyout
BC European Capital
IX 60,570,904 60,553,707 5,821,430 64,825,961 0 64,825,961 12/31/2019 46,376,177 0 46,376,177 13.08 1.68 2011 Buyout
Kohlberg Investors
VII, LP 50,000,000 44,497,673 2,275,894 58,357,194 0 58,357,194 12/31/2019 22,163,827 0 22,163,827 17.11 1.72 2011 Buyout
Providence Equity
Partners VII, LP 50,000,000 46,447,576 2,994,404 45,216,463 0 45,216,463 12/31/2019 47,436,711 0 47,436,711 21.30 1.87 2011 Buyout
Summit Partners
Growth Equity Fund
VIII-A LP 75,000,000 73,578,608 1,231,352 133,203,723 0 133,203,723 12/31/2019 39,761,938 0 39,761,938 26.49 2.31 2011 Buyout
TPG Growth II. LP 50,000,000 45,593,445 3,888,685 82,814,334 0 82,814,334 12/31/2019 10,793,619 0 10,793,619 14.96 1.89 2011 Buyout
Green Equity
Investors VI, L.P. 50,000,000 51,374,689 2,101,921 37,714,652 0 37,714,652 12/31/2019 56,822,470 0 56,822,470 16.12 1.77 2012 Buyout
Platinum Equity
Capital Partners III
LP 50,000,000 41,361,459 4,662,798 60,993,041 0 60,993,041 12/31/2019 26,474,537 0 26,474,537 27.73 1.90 2012 Buyout
Roark Capital
Partners III LP 50,000,000 43,685,043 1,599,307 23,251,608 0 23,251,608 12/31/2019 68,887,719 0 68,887,719 15.70 2.03 2012 Buyout
Apollo Investment
Fund VIII LP 125,000,000 101,466,323 4,172,344 44,036,911 0 44,036,911 12/31/2019 107,752,766 0 107,752,766 12.29 1.44 2013 Buyout
CVC Capital
Partners Asia Pacific
IV LP 75,000,000 62,404,564 6,205,055 24,316,191 0 24,316,191 12/31/2019 69,827,379 0 69,827,379 17.12 1.37 2013 Buyout
KPS Special
Situations Fund IV
LP 75,000,000 55,845,419 2,419,217 17,272,421 0 17,272,421 12/31/2019 54,000,300 0 54,000,300 16.76 1.22 2013 Buyout

American Securities
Partners VII LP 100,000,000 75,897,601 4,090,075 11,136,055 0 11,136,055 12/31/2019 65,461,953 0 65,461,953 -2.18 0.96 2014 Buyout
Bridgepoint Europe
V LP 65,120,827 61,067,538 3,451,906 22,892,199 0 22,892,199 12/31/2019 62,811,631 0 62,811,631 14.15 1.33 2014 Buyout
CVC Capital
Partners VI (C) LP 107,647,750 102,188,228 7,738,798 49,218,542 0 49,218,542 12/31/2019 119,705,451 0 119,705,451 17.18 1.54 2014 Buyout
Lindsay Goldberg IV
LP 75,000,000 44,741,831 4,943,760 23,092,366 0 23,092,366 12/31/2019 51,053,556 0 51,053,556 28.38 1.49 2014 Buyout
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Neoma Global
Growth Markets
Strategic Fund (B)
LP 100,000,000 74,534,539 3,064,700 15,706,779 0 15,706,779 09/30/2018 58,173,922 390,380 58,564,302 -1.18 0.96 2014 Buyout
Patria-Brazilian
Private Equity Fund
V LP 50,000,000 25,572,283 4,258,880 28,488 0 28,488 12/31/2019 39,230,495 0 39,230,495 21.72 1.32 2014 Buyout
Roark Capital
Partners IV LP 50,000,000 38,156,417 2,640,538 351,375 0 351,375 12/31/2019 43,218,687 0 43,218,687 2.40 1.07 2014 Buyout
Trident VI LP 50,000,000 43,122,927 3,455,916 28,199,270 0 28,199,270 12/31/2019 58,358,096 0 58,358,096 21.80 1.86 2014 Buyout
Blackstone Capital
Partners VII LP 125,000,000 88,318,584 4,975,825 8,940,090 0 8,940,090 12/31/2019 110,788,058 0 110,788,058 20.16 1.28 2015 Buyout
Summit Partners
Growth Equity Fund
IX LP 75,000,000 70,732,100 165,400 20,888,880 0 20,888,880 12/31/2019 73,818,282 0 73,818,282 28.92 1.34 2015 Buyout
Thomas H. Lee
Equity Fund VII LP 100,000,000 83,202,754 6,203,568 24,271,545 0 24,271,545 12/31/2019 115,378,595 0 115,378,595 24.37 1.56 2015 Buyout
TPG Growth III LP 75,000,000 55,579,073 4,709,032 27,153,705 0 27,153,705 12/31/2019 62,358,520 0 62,358,520 19.73 1.48 2015 Buyout

TPG Partners VII LP 100,000,000 84,302,303 2,797,728 16,636,990 0 16,636,990 12/31/2019 102,270,668 0 102,270,668 16.28 1.37 2015 Buyout
BC European Capital
Fund X 74,870,750 46,406,392 2,509,065 980,868 0 980,868 12/31/2019 60,260,795 0 60,260,795 18.80 1.25 2016 Buyout
Bridgepoint
Development Capital
III 39,742,500 19,806,603 1,338,417 5,241,293 0 5,241,293 12/31/2019 29,522,449 0 29,522,449 42.93 1.64 2016 Buyout
Charterhouse
Capital Partners X,
LP 97,208,500 47,979,764 3,445,852 15,193,695 0 15,193,695 12/31/2019 59,787,411 0 59,787,411 23.36 1.46 2016 Buyout
Green Equity
Investors VII LP 100,000,000 69,438,852 543,013 1,104,710 0 1,104,710 12/31/2019 84,092,631 0 84,092,631 13.40 1.22 2016 Buyout
Kelso Investment
Associates IX LP 100,000,000 88,485,885 3,098,252 51,261,217 0 51,261,217 12/31/2019 85,876,555 0 85,876,555 22.13 1.50 2016 Buyout
Kohlberg Investors
VIII LP 75,000,000 47,001,963 451,058 594,984 0 594,984 12/31/2019 58,026,890 0 58,026,890 17.95 1.24 2016 Buyout
Platinum Equity
Capital Partners IV
LP 100,000,000 83,560,651 356,712 22,192,901 0 22,192,901 12/31/2019 89,013,780 0 89,013,780 22.61 1.33 2016 Buyout
Trident VII LP 75,000,000 60,097,645 2,886,191 7,977,415 0 7,977,415 12/31/2019 69,884,514 0 69,884,514 19.27 1.24 2016 Buyout
Apollo Investment
Fund IX LP 125,000,000 20,260,935 2,759,106 233,108 0 233,108 12/31/2019 20,268,497 0 20,268,497 -25.08 0.89 2017 Buyout
CVC Capital
Partners VII (A) LP 112,250,000 49,119,532 2,918,023 446,732 0 446,732 12/31/2019 56,024,209 0 56,024,209 20.92 1.09 2017 Buyout
Roark Capital
Partners II Sidecar
LP 12,500,000 7,476,738 0 25,531 0 25,531 12/31/2019 10,441,109 0 10,441,109 25.26 1.40 2017 Buyout
Roark Capital
Partners V LP 50,000,000 10,663,629 485,744 68,601 0 68,601 12/31/2019 14,221,425 0 14,221,425 N/A N/A 2017 Buyout
Silver Lake Partners
V LP 67,000,000 36,852,387 1,105,772 7,570,164 0 7,570,164 12/31/2019 35,530,836 0 35,530,836 15.35 1.14 2017 Buyout
TPG Growth IV LP 75,000,000 36,820,117 2,297,529 0 0 0 12/31/2019 38,921,040 0 38,921,040 -0.59 0.99 2017 Buyout
Bridgepoint Europe
VI LP 84,187,500 10,634,690 0 335,177 0 335,177 12/31/2019 11,300,221 0 11,300,221 23.25 1.09 2018 Buyout
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Kelso Investment
Associates X LP 100,000,000 17,928,322 789,556 1,336,644 0 1,336,644 12/31/2019 18,071,667 0 18,071,667 8.36 1.04 2018 Buyout
Platinum Equity
Capital Partners V
LP 100,000,000 0 340,959 0 0 0 12/31/2019 258,147 0 258,147 -24.29 0.76 2018 Buyout
Thoma Bravo Fund
XIII LP 50,000,000 18,068,554 0 16,918 0 16,918 12/31/2019 19,455,244 0 19,455,244 10.76 1.08 2018 Buyout
Thomas H. Lee
Equity Fund VIII LP 100,000,000 21,014,133 2,516,507 1,942,026 0 1,942,026 12/31/2019 27,590,584 0 27,590,584 117.37 1.26 2018 Buyout

Apollo Natural
Resources Partners 75,000,000 67,670,876 4,258,268 51,581,986 0 51,581,986 12/31/2019 20,257,746 0 20,257,746 -0.04 1.00 2011 Commodities
Encap Energy
Capital Fund VIII Co-
Inv 12,500,000 12,493,900 6,098 3,763,032 0 3,763,032 12/31/2019 3,822,442 0 3,822,442 -10.38 0.61 2011 Commodities
Encap Energy
Capital Fund VIII
L.P. 37,500,000 33,425,620 2,435,359 19,107,104 0 19,107,104 12/31/2019 7,792,516 0 7,792,516 -8.14 0.75 2011 Commodities
EIG Energy Fund
XVI, LP 75,000,000 64,056,877 4,411,612 29,672,288 0 29,672,288 12/31/2019 52,549,698 0 52,549,698 6.77 1.20 2013 Commodities

Encap Energy
Capital Fund IX, L.P. 50,000,000 45,196,778 3,815,988 35,267,088 0 35,267,088 12/31/2019 25,697,409 0 25,697,409 8.06 1.24 2013 Commodities
Waterton Precious
Metals Fund II
Cayman LP 50,000,000 26,054,159 5,312,790 6,036,118 0 6,036,118 12/31/2019 45,889,533 0 45,889,533 13.68 1.66 2013 Commodities
NGP Natural
Resources XI LP 50,000,000 42,339,305 3,632,894 12,203,038 0 12,203,038 12/31/2019 41,185,623 0 41,185,623 6.17 1.16 2014 Commodities
Apollo Natural
Resource Partners II
LP 75,000,000 47,533,884 4,026,882 24,705,366 0 24,705,366 12/31/2019 35,294,351 0 35,294,351 8.77 1.16 2015 Commodities
EnCap Energy
Capital Fund X LP 65,000,000 55,360,960 4,260,795 9,661,508 0 9,661,508 12/31/2019 62,113,346 0 62,113,346 8.39 1.20 2015 Commodities
Waterton Mining
Parallel Fund
Onshore Master LP 25,000,000 9,554,320 1,532,121 2,564,575 0 2,564,575 12/31/2019 12,996,281 0 12,996,281 16.31 1.40 2016 Commodities
EnCap Energy
Capital Fund XI LP 75,000,000 19,631,265 2,531,250 0 0 0 12/31/2019 17,640,044 0 17,640,044 -24.61 0.80 2017 Commodities
NGP Natural
Resources XII LP 75,000,000 32,426,468 2,685,782 56,483 0 56,483 12/31/2019 34,497,504 0 34,497,504 -1.56 0.98 2017 Commodities
JPMCB Strategic
Property Fund 300,000,000 300,000,000 14,535,273 75,097,661 0 75,097,661 12/31/2019 502,801,825 0 502,801,825 6.17 1.84 2006 Core Real Estate
PRISA 300,000,000 339,200,500 8,782,688 252,900,016 0 252,900,016 12/31/2019 273,038,703 0 273,038,703 5.39 1.51 2006 Core Real Estate
MetLife Core
Property Fund, LP 200,000,000 243,406,557 0 54,923,045 0 54,923,045 12/31/2019 321,703,656 0 321,703,656 10.49 1.55 2014 Core Real Estate
Cabot Industrial
Core Fund II LP 50,000,000 31,072,500 0 5,476,660 0 5,476,660 12/31/2019 26,790,761 0 26,790,761 12.62 1.04 2018 Core Real Estate
Apollo European
Principal Finance
Fund, L.P. 39,287,500 69,626,136 3,501,314 100,948,070 0 100,948,070 12/31/2019 245,325 0 245,325 16.37 1.38 2009 Distressed Debt
ICG Recovery Fund
2008 34,236,250 53,870,568 0 69,254,566 0 69,254,566 12/31/2019 424,979 0 424,979 7.54 1.29 2009 Distressed Debt
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Blackstone Real
Estate Special
Situation Fd II L.P. 50,000,000 51,986,537 2,065,472 64,322,478 0 64,322,478 12/31/2019 666,229 0 666,229 8.92 1.20 2010 Distressed Debt
OHA European
Strategic Credit
Fund 50,000,000 30,998,021 0 34,611,667 0 34,611,667 12/31/2019 7,817,036 0 7,817,036 7.46 1.37 2011 Distressed Debt
Apollo European
Principal Finance
Fund II 56,125,000 51,626,703 3,790,943 54,533,758 0 54,533,758 12/31/2019 10,000,063 0 10,000,063 5.18 1.16 2012 Distressed Debt
Blackstone Real
Estate Debt
Strategies II LP 75,000,000 53,021,845 1,476 64,081,368 0 64,081,368 12/31/2019 2,010,378 0 2,010,378 9.20 1.25 2013 Distressed Debt
OHA Newbury
Partners LP 75,000,000 61,250,000 208,336 58,199,445 0 58,199,445 12/31/2019 2,892,282 0 2,892,282 -0.26 0.99 2013 Distressed Debt
Colony Distressed
Credit Fund III 75,000,000 62,256,113 2,265,379 53,796,024 0 53,796,024 12/31/2019 31,826,096 0 31,826,096 9.28 1.33 2014 Distressed Debt
H.I.G. Bayside Loan
Opportunity Fund IV
LP 50,000,000 32,238,914 472,249 19,411,862 0 19,411,862 12/31/2019 17,089,196 0 17,089,196 8.20 1.12 2014 Distressed Debt
Hark Capital I LP 21,135,000 17,128,971 0 17,975,314 0 17,975,314 12/31/2019 6,283,545 0 6,283,545 11.80 1.42 2014 Distressed Debt
Lone Star Fund IX,
(U.S.), L.P. 75,000,000 65,126,879 0 43,005,025 0 43,005,025 12/31/2019 37,517,149 0 37,517,149 10.22 1.24 2014 Distressed Debt

Blackstone Tactical
Opportunities Fund II
LP 125,000,000 66,942,055 6,408,716 29,592,278 0 29,592,278 12/31/2019 77,518,183 0 77,518,183 12.45 1.46 2015 Distressed Debt
Castlelake IV LP 75,000,000 70,266,912 0 14,927,101 0 14,927,101 12/31/2019 81,752,979 0 81,752,979 10.89 1.38 2015 Distressed Debt
Colony Distressed
Credit Fund IV LP 75,000,000 73,626,590 2,143,019 21,533,276 0 21,533,276 12/31/2019 68,752,668 0 68,752,668 7.69 1.19 2015 Distressed Debt

GSO Energy Select


Opportunities Fund
LP 75,000,000 41,372,818 2,439,976 18,051,006 0 18,051,006 12/31/2019 36,362,729 0 36,362,729 10.27 1.24 2015 Distressed Debt
Lone Star Fund X 75,000,000 63,568,720 0 7,773,063 0 7,773,063 12/31/2019 64,081,720 0 64,081,720 11.27 1.13 2016 Distressed Debt
OHA Strategic Credit
Fund II LP 75,000,000 30,000,000 0 0 0 0 12/31/2019 32,770,753 0 32,770,753 14.99 1.09 2016 Distressed Debt
Apollo European
Principal Finance
Fund III 50,000,000 24,144,325 1,955,814 5,013,518 0 5,013,518 12/31/2019 26,236,059 0 26,236,059 17.06 1.20 2017 Distressed Debt
Castlelake V LP 75,000,000 45,955,882 0 0 0 0 12/31/2019 54,858,191 0 54,858,191 15.61 1.19 2017 Distressed Debt
Hark Capital II LP 25,000,000 18,081,332 0 899,802 0 899,802 12/31/2019 19,307,601 0 19,307,601 18.25 1.12 2017 Distressed Debt
Torchlight Debt
Opportunity Fund VI
LP 75,000,000 28,665,857 0 775,877 0 775,877 12/31/2019 28,828,992 0 28,828,992 4.87 1.03 2017 Distressed Debt

GSO Energy Select


Opportunities Fund II
LP 75,000,000 5,337,721 0 302,482 0 302,482 12/31/2019 5,453,386 0 5,453,386 10.76 1.08 2018 Distressed Debt
Lone Star Fund XI
LP 75,000,000 4,779,517 0 1,501,410 0 1,501,410 12/31/2019 2,238,655 0 2,238,655 -51.04 0.78 2018 Distressed Debt
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Oaktree Special
Situations Fund II LP 75,000,000 1,650,000 0 7,265 0 7,265 12/31/2019 2,016,788 0 2,016,788 22.73 1.23 2018 Distressed Debt
Hancock
Agricultural Separate
Account 100,000,000 58,095,136 500,000 1,603,582 0 1,603,582 12/31/2019 58,558,455 0 58,558,455 1.60 1.03 2016 Farmland
AgIS Separate
Account 100,000,000 66,595,000 30,000 0 0 0 12/31/2019 66,184,223 0 66,184,223 -0.88 0.99 2019 Farmland
First Reserve Fund
XI, L.P. 100,000,000 103,549,176 3,147,944 67,267,746 2,041,320 69,309,066 12/31/2019 4,097,890 0 4,097,890 -8.17 0.69 2006 Infrastructure
First Reserve Fund
XII, L.P. 100,000,000 87,396,396 8,967,520 46,999,244 0 46,999,244 12/31/2019 15,066,418 0 15,066,418 -10.01 0.64 2008 Infrastructure
Energy Capital
Partners II-B, LP 100,000,000 66,167,001 10,824,463 96,240,443 0 96,240,443 12/31/2019 7,987,588 0 7,987,588 7.38 1.35 2010 Infrastructure
Blackstone Energy
Partners LP 75,000,000 67,832,309 3,914,521 72,355,246 0 72,355,246 12/31/2019 44,100,049 0 44,100,049 11.60 1.62 2011 Infrastructure
Blackstone Energy
Co-Investment
Opportunity 12,000,000 10,218,353 7,025 25,981,485 0 25,981,485 12/31/2019 28,491,094 0 28,491,094 37.89 5.33 2012 Infrastructure
Blackstone Energy
Partners II LP 100,000,000 73,517,741 5,229,676 3,250,115 0 3,250,115 12/31/2019 87,517,126 0 87,517,126 7.08 1.15 2014 Infrastructure
EnCap Flatrock
Midstream Fund III
LP 25,000,000 21,248,381 1,763,253 6,903,379 0 6,903,379 12/31/2019 20,983,333 0 20,983,333 11.71 1.21 2014 Infrastructure
Energy Capital
Partners III LP 100,000,000 101,075,920 6,746,424 41,473,494 0 41,473,494 12/31/2019 88,507,613 0 88,507,613 8.01 1.21 2014 Infrastructure
LS Power Fund III
Feeder 1 LP 50,000,000 33,743,521 3,794,160 29,110,229 0 29,110,229 12/31/2019 37,751,465 0 37,751,465 19.54 1.78 2014 Infrastructure
Turnbridge Capital
Partners I LP 30,625,000 24,612,966 2,160,204 7,763,545 0 7,763,545 12/31/2019 20,525,208 0 20,525,208 1.93 1.06 2014 Infrastructure

Global Infrastructure
Partners III LP 50,000,000 38,206,790 3,160,607 6,060,130 0 6,060,130 12/31/2019 41,006,665 0 41,006,665 7.16 1.14 2016 Infrastructure
EnCap Flatrock
Midstream Fund IV
LP 50,000,000 16,041,588 1,468,750 1,305,961 0 1,305,961 12/31/2019 18,872,131 0 18,872,131 13.08 1.15 2017 Infrastructure
Stonepeak
Infrastructure Fund
III LP 50,000,000 26,471,042 1,007,187 4,031,802 0 4,031,802 12/31/2019 28,431,491 0 28,431,491 25.83 1.18 2017 Infrastructure
BCP Fund II LP 50,000,000 5,262,704 1,651,503 -7,793 0 -7,793 12/31/2019 4,620,698 0 4,620,698 -46.65 0.67 2018 Infrastructure
LS Power Equity
Partners IV LP 50,000,000 3,318,891 858,034 340,941 0 340,941 12/31/2019 3,882,528 0 3,882,528 1.93 1.01 2018 Infrastructure
Falcon Mezzanine
Partners II, L.P. 40,000,000 41,225,895 3,564,171 64,833,682 0 64,833,682 12/31/2019 887,732 0 887,732 7.18 1.47 2005 Mezzanine

Gleacher Mezzanine
Fund II, L.P. 45,000,000 38,265,563 3,594,165 55,311,366 0 55,311,366 12/31/2019 338,953 0 338,953 10.58 1.33 2006 Mezzanine
Falcon Strategic
Partners III, L.P. 72,894,444 82,655,218 2,547,074 110,964,476 0 110,964,476 12/31/2019 12,002,796 0 12,002,796 9.03 1.44 2008 Mezzanine
TCW Crescent
Mezzanine Partners
V, L.P. 100,000,000 96,702,067 1,922,263 127,810,517 0 127,810,517 12/31/2019 4,569,908 0 4,569,908 9.57 1.34 2008 Mezzanine
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Ascribe
Opportunities Fund II
LP 50,000,000 42,687,646 6,240,145 50,044,816 0 50,044,816 12/31/2019 10,509,471 0 10,509,471 5.20 1.24 2010 Mezzanine
Merit Mezzanine
Fund V, LP 40,000,000 37,890,612 0 36,719,925 0 36,719,925 12/31/2019 21,883,160 0 21,883,160 10.22 1.55 2010 Mezzanine
Peninsula Fund V 38,911,392 36,148,763 0 34,094,169 0 34,094,169 12/31/2019 21,673,614 0 21,673,614 9.52 1.54 2010 Mezzanine
Providence TMT
Debt Opportunity FD
II 50,000,000 42,520,714 8,695 65,904,798 0 65,904,798 12/31/2019 350,608 0 350,608 10.68 1.56 2010 Mezzanine

GSO Capital
Opportunities Fund II 125,000,000 102,072,150 13,853,137 111,553,484 0 111,553,484 12/31/2019 39,754,560 0 39,754,560 10.64 1.31 2011 Mezzanine
ICG Europe Fund V
No.1 LP 84,187,500 64,538,711 107,747 75,739,172 0 75,739,172 12/31/2019 12,750,784 0 12,750,784 9.04 1.37 2011 Mezzanine

Energy Capital
Partners Mezzanine
Opportunities Fund,
L.P. 50,000,000 42,016,773 2,983,814 26,113,549 0 26,113,549 12/31/2019 8,608,538 0 8,608,538 -11.02 0.77 2012 Mezzanine
Falcon Strategic
Partners IV, L.P. 75,000,000 67,796,662 7,204,993 39,999,828 0 39,999,828 12/31/2019 64,329,251 0 64,329,251 8.96 1.39 2012 Mezzanine
Ascribe
Opportunities Fund
III LP 75,000,000 54,869,736 5,692,159 34,954,183 0 34,954,183 12/31/2019 27,612,634 0 27,612,634 1.92 1.03 2013 Mezzanine
Providence Debt
Fund III LP 75,000,000 75,274,120 22,301 52,855,665 0 52,855,665 12/31/2019 43,156,432 0 43,156,432 6.99 1.28 2013 Mezzanine
Tower Square
Capital Partners IV
Inc. 75,000,000 60,811,618 1,175,287 47,245,870 0 47,245,870 12/31/2019 30,586,716 0 30,586,716 9.80 1.26 2013 Mezzanine
ICG Europe Fund VI
Feeder Limited
Partnership 84,187,500 68,016,069 0 22,251,057 0 22,251,057 12/31/2019 73,279,973 0 73,279,973 17.49 1.40 2015 Mezzanine
Benefit Street
Partners Debt Funds
IV LP 75,000,000 46,135,338 0 7,782,271 0 7,782,271 12/31/2019 44,746,990 0 44,746,990 7.06 1.14 2016 Mezzanine
GSO Capital
Opportunities Fund
III LP 125,000,000 70,662,972 3,123,337 22,344,422 0 22,344,422 12/31/2019 66,010,834 0 66,010,834 12.21 1.20 2016 Mezzanine
HPS-Mezzanine
Partners III LP 75,000,000 62,508,646 1,538,402 8,173,320 0 8,173,320 12/31/2019 68,496,370 0 68,496,370 11.39 1.20 2016 Mezzanine
Apollo Hybrid Value
Fund LP 75,000,000 19,040,966 39,439 19,602,919 0 19,602,919 12/31/2019 18,677,927 0 18,677,927 182.99 2.01 2018 Mezzanine
ICG Europe Fund VII
LP SCSp 84,187,500 22,647,090 0 18,467 0 18,467 12/31/2019 27,773,772 0 27,773,772 31.66 1.23 2018 Mezzanine
Summit Partners
Credit Fund III LP 75,000,000 35,160,287 0 5,890,495 0 5,890,495 12/31/2019 33,627,785 0 33,627,785 16.17 1.12 2018 Mezzanine
Castlelake Income
Opportunities LP 75,000,000 8,069,083 0 0 0 0 12/31/2019 8,776,935 0 8,776,935 34.48 1.09 2019 Mezzanine
HPS Mezzanine
Partners 2019 100,000,000 8,402,690 0 7,835,766 0 7,835,766 12/31/2019 1,103,427 0 1,103,427 8.74 1.06 2019 Mezzanine
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Blackstone Tactical
Opportunities Fund –
HL, L.P. (BTO III) 125,000,000 20,197,405 48,939 421,242 0 421,242 12/31/2019 19,202,319 0 19,202,319 -5.35 0.97 2017 Opportunistic
ING Realty Partners
II, L.P. 50,000,000 50,000,000 4,411,280 59,945,869 0 59,945,869 12/31/2015 616,258 -514,286 101,972 3.25 1.10 2000 Real Estate
Starwood Global
Opportunity Fund VI-
A, L.P. 50,000,000 50,000,000 937,500 51,782,430 0 51,782,430 12/31/2019 158,152 0 158,152 0.37 1.02 2002 Real Estate
Rockpoint Real
Estate Fund II, L.P. 75,000,000 66,836,534 5,879,013 59,416,245 0 59,416,245 12/31/2019 1,843,151 0 1,843,151 -2.76 0.84 2005 Real Estate
Starwood
Opportunity Fund
VII, L.P. 50,000,000 50,000,000 0 39,014,033 0 39,014,033 12/31/2019 1,480,090 0 1,480,090 -2.30 0.81 2005 Real Estate
Blackstone Real
Estate Partners V,
L.P. 75,000,000 65,404,953 5,977,600 144,950,124 0 144,950,124 12/31/2019 3,438,537 0 3,438,537 10.79 2.08 2006 Real Estate
Sterling American
Property V, L.P. 50,000,000 36,407,822 3,876,086 32,428,355 0 32,428,355 12/31/2019 4,700,016 0 4,700,016 -0.91 0.92 2006 Real Estate
Blackstone Real
Estate Partners VI 100,000,000 96,996,190 12,249,635 212,904,156 0 212,904,156 12/31/2019 7,687,916 0 7,687,916 13.16 2.02 2007 Real Estate
Carlyle Realty
Partners V, L.P. 50,000,000 35,348,880 6,525,163 60,710,203 0 60,710,203 12/31/2019 9,997,307 0 9,997,307 8.59 1.69 2007 Real Estate

Rockpoint Real
Estate Fund III, L.P. 75,000,000 65,915,934 6,268,416 97,185,197 0 97,185,197 12/31/2019 3,544,894 0 3,544,894 13.72 1.40 2007 Real Estate
Starwood Global
Opportunity Fund
VIII, LP 75,000,000 61,953,522 0 97,261,146 0 97,261,146 12/31/2019 10,258,158 0 10,258,158 12.45 1.74 2008 Real Estate

Walton Street Real


Estate Fund VI, L.P. 50,000,000 41,739,499 0 48,134,416 0 48,134,416 12/31/2019 17,580,943 0 17,580,943 8.54 1.57 2008 Real Estate
Carlyle Realty
Partners VI, L.P. 75,000,000 35,410,411 6,485,022 71,174,513 0 71,174,513 12/31/2019 7,481,410 0 7,481,410 17.15 1.88 2011 Real Estate
Crow Holdings
Realty Partners VI,
L.P. 80,000,000 72,764,535 5,302,285 84,986,694 0 84,986,694 12/31/2019 25,118,325 0 25,118,325 11.06 1.41 2012 Real Estate
Walton Street Real
Estate Fund VII LP 50,000,000 35,136,806 989,112 39,278,134 0 39,278,134 12/31/2019 15,320,468 0 15,320,468 11.46 1.51 2012 Real Estate
Blackstone Real
Estate Partners
Europe IV LP 50,000,000 47,370,728 3,304,233 56,581,098 0 56,581,098 12/31/2019 19,776,137 0 19,776,137 13.97 1.51 2013 Real Estate

Oaktree Real Estate


Opportunities Fund
VI LP 50,000,000 43,500,000 0 45,996,058 0 45,996,058 12/31/2019 17,950,811 0 17,950,811 9.31 1.47 2013 Real Estate
Carlyle Realty
Partners VII LP 50,000,000 27,437,292 4,064,376 24,461,919 0 24,461,919 12/31/2019 22,559,163 0 22,559,163 12.17 1.49 2014 Real Estate
Blackstone Real
Estate Partners VIII
LP 50,000,000 44,832,244 2,723,763 14,408,331 0 14,408,331 12/31/2019 50,759,103 0 50,759,103 15.91 1.37 2015 Real Estate
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Crow Holdings
Realty Partners VII
LP 50,000,000 44,900,697 3,421,520 31,763,557 0 31,763,557 12/31/2019 31,672,631 0 31,672,631 11.88 1.31 2015 Real Estate
Kayne Anderson
Real Estate Partners
IV LP 35,000,000 33,807,147 257,250 28,060,269 0 28,060,269 12/31/2019 20,315,027 0 20,315,027 14.07 1.42 2015 Real Estate

Related Real Estate


Recovery Fund II LP 35,000,000 27,301,090 1,457,715 7,339,219 0 7,339,219 12/31/2019 27,266,557 0 27,266,557 11.89 1.20 2015 Real Estate
Rockpoint Real
Estate Fund V LP 50,000,000 37,524,281 3,325,206 7,824,576 0 7,824,576 12/31/2019 42,221,630 0 42,221,630 10.32 1.23 2015 Real Estate
Blackstone Real
Estate Partners
Europe V LP 50,000,000 39,653,781 1,908,023 3,506,243 0 3,506,243 12/31/2019 46,947,526 0 46,947,526 14.48 1.21 2016 Real Estate
Crow Holdings
Realty Partners VIII
LP 50,000,000 35,294,529 1,013,143 1,694,634 0 1,694,634 12/31/2019 38,293,869 0 38,293,869 13.19 1.10 2016 Real Estate

Oaktree Real Estate


Opportunities Fund
VII LP 50,000,000 43,976,303 0 12,376,302 0 12,376,302 12/31/2019 43,114,301 0 43,114,301 23.46 1.26 2016 Real Estate
Carlyle Realty
Partners VIII LP 100,000,000 15,985,437 2,128,344 270,432 0 270,432 12/31/2019 19,064,632 0 19,064,632 7.96 1.07 2017 Real Estate
Kayne Anderson
Real Estate Partners
V LP 75,000,000 43,593,750 667,760 2,024,459 0 2,024,459 12/31/2019 47,049,164 0 47,049,164 8.12 1.11 2017 Real Estate
Blackstone Real
Estate Partners IX
LP 50,000,000 8,646,032 0 191,913 0 191,913 12/31/2019 8,581,499 0 8,581,499 2.82 1.01 2018 Real Estate
Blackstone Real
Estate Partners
Europe VI LP 75,000,000 2,329,122 0 16,005 0 16,005 12/31/2019 2,257,288 0 2,257,288 -2.57 0.98 2019 Real Estate
AEW Senior
Housing Investors II
LP 40,000,000 34,803,005 513,407 36,257,226 0 36,257,226 12/31/2019 29,682,028 0 29,682,028 16.14 1.87 2014 Value-Add RE
Campus-Clarion
Student Housing
Partners LP 22,925,000 17,609,817 1,646,567 4,578,855 0 4,578,855 12/31/2019 23,580,031 0 23,580,031 13.60 1.46 2014 Value-Add RE
AEW Senior
Housing Investors III
LP 50,000,000 42,055,408 0 3,353,876 0 3,353,876 12/31/2019 44,814,397 0 44,814,397 7.21 1.15 2016 Value-Add RE
Harbert U.S. Real
Estate Fund VI LP 50,000,000 42,861,160 0 7,703,914 0 7,703,914 12/31/2019 47,596,528 0 47,596,528 13.17 1.29 2016 Value-Add RE
Sares-Regis
Multifamily Fund II
LP 40,000,000 37,886,374 0 10,588,824 0 10,588,824 12/31/2019 35,377,282 0 35,377,282 8.35 1.21 2016 Value-Add RE

Sterling Value Add


Partners Fund III LP 50,000,000 10,249,623 180,888 0 0 0 12/31/2019 9,811,688 0 9,811,688 -12.34 0.94 2017 Value-Add RE
FCP Realty Fund IV
LP 50,000,000 10,590,724 491,010 494,343 0 494,343 12/31/2019 10,670,594 0 10,670,594 1.45 1.01 2018 Value-Add RE
Teachers' Retirement System of Louisiana
Adjusted Ending Value with Multiple (12/31/2019) Unaudited

Harbert European
Real Estate Fund V
LP 56,125,000 9,322,500 509,366 65,776 0 65,776 12/31/2019 10,406,436 0 10,406,436 16.40 1.07 2018 Value-Add RE
Sares Regis
Multifamily Value-
Add Fund III LP 50,000,000 14,596,075 0 2,607,059 0 2,607,059 12/31/2019 10,999,167 0 10,999,167 -12.03 0.93 2018 Value-Add RE
TPG Real Estate
Partners III LP 75,000,000 6,723,769 0 0 0 0 12/31/2019 4,924,381 0 4,924,381 -97.51 0.73 2018 Value-Add RE
Harbert United
States Real Estate
Fund VII LP 50,000,000 10,234,619 0 0 0 0 12/31/2019 9,883,549 0 9,883,549 -13.48 0.97 2019 Value-Add RE
Horsley Bridge VII,
L.P. 100,000,000 71,753,592 2,364,695 83,691,378 0 83,691,378 12/31/2019 6,413,438 0 6,413,438 2.56 1.22 2000 Venture Capital
Louisiana Fund I 10,000,000 9,350,000 650,000 253,175 0 253,175 12/31/2019 14,407,226 0 14,407,226 3.54 1.47 2004 Venture Capital
New Enterprise
Associates 14, L.P. 50,000,000 47,750,000 3,443 27,902,475 17,371,567 45,274,042 12/31/2019 62,498,524 0 62,498,524 17.75 2.26 2012 Venture Capital
Insight Venture
Partners VIII, L.P. 25,000,000 22,684,408 1,555,250 26,684,396 4,937,822 31,622,218 12/31/2019 25,208,669 0 25,208,669 18.59 2.34 2013 Venture Capital
Technology
Crossover Ventures
VIII, LP 50,000,000 40,280,590 2,125,093 1,704,326 4,841,334 6,545,660 12/31/2019 69,637,437 0 69,637,437 15.28 1.80 2013 Venture Capital
Insight Venture
Partners IX LP 50,000,000 47,689,709 1,158,663 6,660,367 1,441,092 8,101,460 12/31/2019 103,269,180 0 103,269,180 29.03 2.28 2014 Venture Capital
New Enterprise
Associates 15 LP 50,000,000 45,250,000 0 7,844,795 2,806,609 10,651,404 12/31/2019 71,050,469 0 71,050,469 21.26 1.81 2015 Venture Capital
Technology
Crossover Ventures
IX LP 50,000,000 36,834,194 960,806 0 2,747,595 2,747,595 12/31/2019 44,120,863 0 44,120,863 14.91 1.24 2015 Venture Capital
Insight Venture
Partners X LP 50,000,000 40,260,000 990,000 17,123 0 17,123 12/31/2019 51,373,154 0 51,373,154 25.19 1.25 2017 Venture Capital
New Enterprise
Associates 16 LP 50,000,000 30,125,000 0 895,453 0 895,453 12/31/2019 34,275,424 0 34,275,424 12.61 1.17 2017 Venture Capital
New Enterprise
Associates 17 LP 25,000,000 2,875,000 0 0 0 0 N/A 2,875,000 2,875,000 0.00 1.00 2018 Venture Capital
TCV X LP 50,000,000 16,286,402 203,598 0 0 0 12/31/2019 15,623,896 0 15,623,896 -9.85 0.95 2018 Venture Capital
TRSL 2014 Venture
Capital Separate
Account 90,000,000 82,939,732 950,071 40,172,214 12,715,670 52,887,884 - 115,268,069 - 115,268,069 22.04 2.00 2014 Venture Capital
TRSL 2015 Venture
Capital Separate
Account 62,500,000 50,270,069 1,575,166 18,136,562 777,545 18,914,107 - 57,558,306 - 57,558,306 18.12 1.48 2015 Venture Capital
TRSL 2016 Venture
Capital Separate
Account 73,750,000 53,994,968 1,323,809 1,616,165 - 1,616,165 - 71,243,836 - 71,243,836 19.85 1.32 2016 Venture Capital
TRSL 2017 Venture
Capital Separate
Account 69,541,250 38,713,616 1,761,252 2,209,398 206,878 2,416,276 - 51,664,095 - 51,664,095 28.98 1.34 2017 Venture Capital
TRSL 2018 Venture
Capital Separate
Account 129,041,250 23,370,656 1,118,711 174,035 - 174,035 - 24,144,250 769,222 24,913,472 5.84 1.02 2018 Venture Capital
TRSL 2019 Venture
Capital Separate
Account 55,300,000 5,412,526 201,564 - - - - 5,199,917 - 5,199,917 (18.66) 0.93 2019 Venture Capital