Tennessee Consolidated Retirement System, Nashville, committed $410 million to new and existing alternatives managers, said Shelli King, spokeswoman for David H. Lillard Jr., Tennessee state treasurer who oversees the pension fund, in an email.
The $44.4 billion pension fund made three new commitments for a total of $360 million. It committed $200 million to Redwood Drawdown Domestic Fund II, a distressed credit fund managed by Redwood Capital Management. The pension fund previously committed $100 million to Redwood Drawdown Fund I in 2013.
The pension fund also committed $100 million to Carlyle Realty Partners VIII, an opportunistic real estate fund managed by Carlyle Group. Ms. King said TCRS has invested with prior Carlyle funds.
New Enterprise Associates 16, a venture capital fund, received a commitment of $60 million. It is the pension fund’s first commitment to a fund managed by New Enterprise Associates.
Also, TCRS allocated an additional $25 million each to existing opportunistic credit manager Beach Point Capital Management, giving the portfolio a total of $325 million, and Oaktree Capital Management (OAK), which manages a real estate debt separate account, giving it $150 million.