Memphis Light, Gas & Water Division, Memphis, Tenn., committed $50 million to TCW Direct Lending VIII.
The $1.7 billion pension fund's board approved the commitment to the private credit fund managed by TCW Group at its May 18 meeting, spokeswoman Angelika Woods said in an email.
Ms. Woods could not provide further information on the asset class.
Separately, the pension fund's board voted to terminate Sands Capital Management from its $56 million active domestic large-cap growth equity portfolio.
The board, which originally approved the hiring of Sands Capital in November 2020, cited underperformance and approved reallocating the assets to an existing passive domestic large-cap equity portfolio managed by RhumbLine Advisers, giving it a total of about $184 million.
As of March 31, the actual allocation to domestic equities was 39.6%.
Matthew B. Alsted, spokesman for Sands Capital, declined to comment.
Investment consultant CBIZ Investment Advisory Services assisted.
