Nashville (Tenn.) & Davidson County Metropolitan Government Employee Benefit Trust Fund made new hires and commitments totaling $220 million, said Fadi BouSamra, chief investment officer, in an email.
Within its alternative fixed-income asset class, the $3.2 billion pension fund hired BlueBay Asset Management to run up to $80 million in a direct lending separate account, which will focus on making loans to companies with between €10 million ($11.7 million) and €100 million in earnings before interest, taxes, depreciation and amortization.
Also, the pension fund committed up to $25 million to Accel-KKR Growth Capital Partners III, a mezzanine debt fund focused on the technology industry. The pension fund previously committed up to $25 million to Accel-KKR Structured Capital Fund II in 2014.
The pension fund also committed $20 million to Courage Credit Opportunities Fund IV, a distressed debt fund managed by Courage Capital Management. It previously committed $25 million to Courage Credit Opportunities Fund III in 2013.
As of Dec. 31, the actual allocation to alternative fixed income was 19.8%; the target was 15%.
Within private equity, the pension fund committed $40 million to Greenspring Global Partners IX, a venture capital fund of funds managed by Greenspring Associates. It previously committed $10 million each to Greenspring Growth Equity IV and Greenspring Opportunities IV in 2016.
The county pension fund also committed $25 million to private equity fund of funds Axiom Asia V and $10 million to co-investment fund Axiom Asia Co-Investment Fund I, both managed by Axiom Asia Private Capital. It previously committed up to $60 million to Axiom Asia IV in 2015.
Also, $10 million was committed to each of Columbia Capital Equity Partners VII, a venture capital fund focused on communication, media and technology services, and Raine Partners III, a growth equity fund managed by The Raine Group. The pension fund previously committed $15 million to Columbia Capital Equity Partners VI in 2015 and $30 million to Raine Partners II in 2014.
As of Dec. 31, the actual allocation to private equity was 16%; the target was 12%.