Nashville (Tenn.) & Davidson County Metropolitan Government Employee Benefit Trust Fund made three new commitments totaling $130 million, CIO Fadi BouSamra said in an email.
The $3.2 billion pension fund committed $100 million to PIMCO Private Income Investment Fund, an evergreen private credit fund managed by Pacific Investment Management Co.; $20 million to EIG Energy Fund XVII, a global natural resources and energy infrastructure fund managed by EIG Global Energy Partners; and $10 million to Accel-KKR Capital Partners VI, a buyout fund.
The pension fund previously committed up to $40 million to corporate distressed credit fund PIMCO Corporate Opportunities Fund II in 2016, up to $40 million to EIG Global Private Debt Fund in 2015 and up to $25 million to mezzanine debt fund Accel-KKR Growth Capital Partners III in 2018.
Separately, the pension fund announced it returned a gross 5.1% in the year ended Dec. 31, well above its policy benchmark return of -4.4%, Mr. BouSamra said. For the 10 years ended Dec. 31, the pension fund returned an annualized gross 10.1%.
Private equity led the way among the pension fund's asset classes, returning a gross 23.2%, followed by fixed-income alternatives at 15.6%, real assets at 13.1% and fixed income at 0.9%. Domestic equities were lost 5.9% for the year, while equity long/short was down 7.2% and international equities returned -15.6%.
As of Dec. 31, the actual allocation was 19.9% private equity, 19.6% fixed-income alternatives, 17.7% fixed income, 13.5% domestic equities, 11.7% real assets, 10.6% international equities, 5.7% equity long/short and the rest in cash.