Tennessee Consolidated Retirement System, Nashville, hired Credit Suisse Asset Management to run $500 million in leveraged loans for the $36.6 billion pension fund's strategic lending program, confirmed Michael Brakebill, chief investment officer.
The portfolio, which has one-third each in bank loans, high-yield fixed income and “other” investments, which might include mezzanine and direct loans, has a 5% target allocation that was approved by the pension fund's board of trustees in September.
The pension fund hired Beach Point Capital Management and Brigade Capital Management to run $500 million each in March.
Strategic Investment Solutions assisted.
Separately, the pension fund committed $100 million to Redwood Drawdown Fund, a distressed credit fund managed by Redwood Capital Management, and $30 million to Harren Investors III, a buyout fund managed by Harren Equity Partners.
Cambridge Associates assisted.
