Tennessee Consolidated Retirement System, Nashville, is considering increasing its international equity exposure to 15% from 10%, said Tom Milne, CIO. The $26 billion pension fund's current exposure is 12% of assets, Mr. Milne said. The state Council on Pensions and Insurance, which oversees the fund, is expected to approve the change — which was recommended by consultant Callan Associates after a recent asset allocation study — in mid-July. Funding would come from cutting back domestic fixed-income exposure, Mr. Milne said. Fund officials haven't decided yet, but will likely distribute the additional money among its seven existing international equity managers: J.P. Morgan Fleming; Capital Guardian; Marathon Asset Management; Newgate; PanAgora Asset Management; SG Pacific; and Walter Scott.