Tennessee Consolidated allocates $1 billion to alternatives

Tennessee Consolidated Retirement System, Nashville, committed or invested a total of more than $1 billion in five alternatives funds and two separate accounts, said Shelli King, spokeswoman for state Treasurer David H. Lillard Jr., who oversees the pension fund, in an email.

At its March 29 meeting, the board for the $50.8 billion pension fund approved commitments of $200 million apiece to TA XIII, a middle-market growth equity fund managed by TA Associates, and Advent International GPE IX, a buyout fund. The board also agreed to invest $200 million in a private equity co-investment separate account managed by Pathway Capital Management.

The board also committed up to €150 million ($168 million) to the Cinven VII, a European private equity fund; and £40 million ($52 million) to Livingbridge Enterprise 3, a U.K.-based private equity fund.

The board also committed $150 million to Taurus Mining Finance Fund II, a natural resources fund managed by Taurus Funds Management.

Within its strategic lending portfolio, the board agreed to renew its contract with Oaktree Capital Management (OAK), which manages $170 million in a strategic credit managed account for the system. The board also increased its investment in the account by an additional $50 million.