Tennessee Consolidated Retirement System, Nashville, hired Waterfall Asset Management to run $100 million in a strategic lending separate account, said Michael Brakebill, chief investment officer.
The $42.3 billion pension fund likely will increase the investment; staff has authorization to invest up to $500 million over time, Mr. Brakebill said in a telephone interview.
The hire completes what Mr. Brakebill said is the core of the pension fund’s 5% strategic lending allocation, originally established in September 2012. While further investments could take place, those likely would be much smaller and occur less frequently, he said.
Separately, the pension fund committed $100 million to TA XII, a buyout fund managed by TA Associates. The pension fund committed $44 million to TA XI in 2009.
The pension fund also committed $75 million to ASF VII, a secondary private equity fund of funds managed by Ardian. The pension fund previously committed $75 million to ASF VI in 2013.