Tennessee Consolidated Retirement System, Nashville, made commitments and investments totaling $982 million, said Shelli King, spokeswoman for state Treasurer David H. Lillard Jr., who oversees the $48.9 billion pension fund.
Within real estate, TCRS committed $200 million to Carlyle Property Investors, an open-end core-plus real estate fund managed by Carlyle Group.
As of March 31, the actual allocation to real estate was 9.2%; the target is 10%.
Within private equity, the pension fund committed €140 million ($157 million) to Vitruvian Investment Partnership IV, a buyout fund managed by Vitruvian Partners; $150 million to buyout fund Bain Capital Fund XIII; $50 million each to Canaan XII, a U.S. early-stage venture capital fund managed by Canaan Partners and venture capital fund Institutional Venture Partners XVII; $30 million to venture capital fund Foundation Capital Leadership Fund II; $25 million to late-stage expansion fund Lightspeed Venture Partners Select IV; and $20 million to core venture capital fund Lightspeed Venture Partners XIII.
As of March 31, TCRS' actual allocation to private equity was 8.6%; the target is 7%.
Within the pension fund's strategic lending asset class, the pension fund made a follow-on commitment of $100 million to H.I.G. Whitehorse - Tristar, a private debt fund managed by H.I.G. Capital (to bring the total to $250 million); added $75 million to its investment in a high-yield fixed-income portfolio managed by Lord Abbett & Co. (to a total of $275 million); $75 million to its investment in Oaktree-TSE 16 Real Estate Debt, a hedge fund managed by Oaktree Capital Management ($250 million), and $50 million to its investment in CRC Single Investor Fund X, a hedge fund managed by Christofferson, Robb & Co ($350 million).
As of March 31, the actual allocation to strategic lending was 7.3%; the target is 7%.