Tennessee Consolidated Retirement System, Nashville, approved alternative fund commitments totaling $409 million.
The $70.2 billion pension fund’s investment committee approved commitments of €250 million ($264 million) to ICG Europe Fund IX, a private credit fund managed by Intermediate Capital Group; $100 million to Principal Data Center Growth & Income Fund, a data center real estate fund managed by Principal Real Estate Investors; and $25 million and $20 million, respectively, to late-stage expansion fund Lightspeed Venture Partners Select VI and core venture capital fund Lightspeed Venture Partners XIII at its Dec. 6 meeting, said Shelli King, spokeswoman for state Treasurer David H. Lillard Jr., who oversees the pension fund.
TCRS previously committed €200 million to ICG Europe Fund VII in 2021, $100 million to Principal Digital Real Estate Fund in 2020, and $25 million and $20 million, respectively, to Lightspeed Venture Partners Select IV and Lightspeed Venture Partners XIII, also in 2020.
As of June 30, the pension fund’s actual allocations to private equity, strategic lending and real estate were 12.9%, 11.3% and 10.2%, respectively; each has a target of 10%.
