Tennessee Consolidated Retirement System, Nashville, approved allocations to seven managers totaling $850 million, said Shelli King, spokeswoman for state Treasurer David H. Lillard, Jr., who oversees the $52.3 billion pension fund.
Within TCRS' strategic lending asset class, the pension fund made a direct hedge fund investment of $200 million in QL Capital Partners and made additional investments of $200 million to Christofferson, Robb & Co.'s capital release strategy (bringing the total to $500 million), $100 million to hedge fund Ginkgo Tree (bringing the total invested to $250 million) and $50 million each to Copperhill Loan Fund (bringing the total to $300 million); CRC Single Investor Fund X, a hedge fund managed by Christofferson, Robb & Co ($300 million), and a hedge fund managed by Lord Abbett & Co. ($200 million).
As of June 30, the actual allocation to strategic lending was 5.6%.
In private equity, the pension fund committed $100 million to H.I.G. Private Equity Co-Investment Fund, a private equity co-investment fund managed by H.I.G. Capital.
As of June 30, the actual allocation to private equity was 6.3%.
In real estate, the pension fund committed $100 million to FPA Core Plus V, a core-plus real estate fund managed by FPA Multifamily.
As of June 30, the actual allocation to real estate was 8.8%.