Nashville (Tenn.) & Davidson County Metropolitan Government Employee Benefit Trust Fund made five new commitments totaling up to $170 million, confirmed Fadi BouSamra, chief investment officer.
The $2.7 billion pension fund committed $50 million to Marathon European Credit Opportunities Fund II, a European opportunistic credit hedge fund managed by Marathon Asset Management. It is the pension fund’s fourth commitment to a Marathon fund.
The pension fund also committed $40 million to Greenspring Global Partners VI and $20 million to Greenspring Secondary Fund, managed by Greenspring Associates. Previously, the pension fund committed $20 million to Greenspring Opportunities II Co-Investment Fund and $40 million to Greenspring Global Partners V.
The pension fund also committed up to $35 million to infrastructure fund Energy & Minerals Group Fund III. It is the pension fund’s first commitment to the manager.
Also, the pension fund committed up to $25 million to Accel-KKR Structured Capital Fund II, a structured credit fund focused on the technology industry. The pension fund committed to the previous Accel-KKR fund.
Separately, the pension fund returned 18.26% for calendar year 2013, exceeding its 15.31% benchmark by almost 300 basis points, according to Mr. BouSamra.
Domestic and international equities had the best performance for the year, returning 29.09%, followed by alternative fixed income at 20.18%, long/short equity at 17.29% and private equity at 17.13%. Real assets returned 10.89%, while traditional fixed income returned -0.49%.
The pension fund’s current allocation is 45% domestic and international equities, 14% traditional fixed income, 12% alternative fixed income, 10% long/short equity, 10% real assets, 7% private equity and 2%, cash.
The pension fund’s targets are 37.5% domestic and international equities, 15% alternative fixed income, 15% traditional fixed income, 12.5% real assets, 10% long/short equity and 10% private equity.
