Searches and Hires

Tennessee Consolidated allocates $535 million to 6 managers

Tennessee Consolidated Retirement System, Nashville, made seven new hires and commitments totaling $535 million, said Shelli King, spokeswoman for Treasurer David H. Lillard Jr., who oversees the $44.4 billion pension fund, in an email.

Within the pension fund' strategic lending asset class, TCRS committed €150 million ($185 million) to ICG Europe Fund VII, a European middle-market mezzanine fund managed by Intermediate Capital Group, and hired GoldenTree Asset Management to run a $150 million opportunistic credit separately managed account. The pension fund previously committed $125 million to ICG North American Private Debt Fund II earlier this year. GoldenTree is a new manager for the fund.

As of Dec. 31, the strategic lending allocation was 4.6%; the target is 7%.

Within private equity, the pension fund committed $30 million to Lightspeed Venture Partners XII, an early-stage venture capital fund, and $20 million to Lightspeed Venture Partners Select III, a late-stage venture capital fund. TCRS previously committed $25 million to Lightspeed Venture Partners XI and $10 million to Lightspeed Venture Partners Select II in 2016.

As of Dec. 31, TCRS' private equity allocation was 4.2%; the target is 7%.

Within real estate, the pension fund committed $50 million each to CBRE Strategic Partners U.S. Value 8, a value-added fund managed by CBRE Global Investors; GreenOak US III, a value-added fund managed by GreenOak Real Estate; and Savanna Real Estate Fund IV. TCRS previously committed $50 million to CBRE Strategic Partners U.S. Value 7 in 2015 and $44 million to Savanna Real Estate Fund III in 2014. GreenOak is a new manager for the fund.

As of Dec. 31, TCRS' real estate allocation was 7.7%; the target is 10%.