Tennessee Consolidated Retirement System, Nashville, disclosed commitments and investments totaling up to $1.2 billion, said Shelli King, spokeswoman for state Treasurer David H. Lillard Jr., who oversees the pension fund.
In its strategic lending portfolio asset class, the $62.4 billion pension fund agreed to invest a maximum of $500 million to a strategic lending co-investment separate account managed by Pathway Capital Management, with an initial investment of $250 million, and also committed $150 million to GoldenTree Distressed Fund IV, a distressed debt fund managed by GoldenTree Asset Management.
As of March 31, the actual allocation to strategic lending was 7.6%; the target is 7%.
In private equity, the pension fund approved a total of $400 million in additional investments ($100 million a year) in a private equity co-investment separate account managed by Pathway Capital Management. TCRS originally invested $200 million in the separate account in 2019.
The pension fund also committed $40 million to Foundation Capital X and $20 million to Foundation Capital Leadership Fund III, both venture capital funds managed by Foundation Capital.
As of March 31, the actual allocation to private equity was 9.8%; the target is 7%.
Finally, in real estate, TCRS committed an additional $100 million to open-end core-plus real estate fund Cortland Partners Growth and Income Fund, bringing its total committed to $350 million. The pension fund originally approved a commitment of $250 million earlier this year.
As of March 31, the actual allocation to real estate was 8.8%; the target is 10%.