Tennessee Consolidated Retirement System, Nashville, made new commitments totaling up to $500 million, said Shelli King, spokeswoman for state Treasurer David H. Lillard Jr., who oversees the pension fund.
Within private equity, the $60.6 billion pension fund committed $200 million to Redwood Drawdown Domestic Fund III, a distressed debt fund managed by Redwood Capital Management; and also committed a combined $200 million to TA XIV and TA Select Opportunities Fund II, both growth equity funds managed by TA Associates.
As of Dec. 31, the actual allocation to private equity was 8.5%.
In real estate, the pension fund committed $100 million to J.P. Morgan Asset Management Sunbelt Residential Development Fund, a real estate fund that invests in the development of single-family and multifamily homes in the southern U.S.
As of Dec. 31, the pension fund's actual allocation to real estate was 8.6%.
Within its strategic lending portfolio, TCRS added $50 million to its investment in a core illiquid European private debt portfolio managed by Hayfin Capital Management. In 2018, the pension fund originally invested $300 million in the separate account, which invests in both direct lending and special situations strategies.
As of Dec. 31, the strategic lending portfolio's actual allocation was 7.3%.