Tennessee Consolidated Retirement System, Nashville, made commitments, investments and manager hires totaling $820 million, said Shelli King, spokeswoman for state Treasurer David H. Lillard Jr., who oversees the $53.6 billion pension fund.
Within its strategic lending asset class, the pension fund hired HPS Investment Partners to run $250 million in a specialty lending separate account, and committed $75 million and $30 million, respectively, to distressed credit fund GT Distressed Co-Investment Fund III and private credit fund GoldenTree Loan Management II, both managed by GoldenTree Asset Management.
TCRS also added $105 million to its investment in hedge fund Gingko Tree (bringing the total to $355 million) and $50 million to its investment in Oaktree-TSE 16 Real Estate Debt, a hedge fund managed by Oaktree Capital Management (bringing that total to $300 million).
As of June 30, the actual allocation to strategic lending was 7.4%; the target is 7%.
Within real estate, TCRS committed $150 million to Blackstone BioMed Life Sciences Real Estate, a life science-related real estate fund managed by Blackstone Group, $100 million to Cortland Enhanced Value Fund V, a real estate fund managed by Cortland Partners, and a total of $60 million to AEW Senior Housing Investors IV and Acquisition Portfolio, a value-added real estate fund and associated acquisition portfolio managed by AEW Capital Management.
As of June 30, the actual allocation to real estate was 9%; the target is 10%.