Tennessee Consolidated Retirement System, Nashville, disclosed commitments and investments totaling $670 million for its private equity and strategic lending asset classes, said Shelli King, spokeswoman for state Treasurer David H. Lillard Jr., who oversees the pension fund.
In its strategic lending asset class, the $66.1 billion pension fund committed $250 million to Berkshire Bridge Loan Investors II-A, a real estate debt fund managed by Berkshire Residential Investments, and made additional investments of $100 million in Waterfall Rock Island, a credit hedge fund managed by Waterfall Asset Management (bringing its total investment to $200 million), and $50 million to its investment in CRC Single Investor Fund X, a hedge fund managed by Christofferson, Robb & Co. (bringing its total invested in that fund to $400 million.)
As of June 30, the actual allocation to strategic lending was 7.4%.
In private equity, TCRS committed $150 million to Great Hill Equity Partners VIII, a buyout fund managed by Great Hill Partners; a total of $70 million to venture capital funds Drive Capital Fund IV and Drive Capital Overdrive Fund II; and a total of $50 million to venture capital funds New Enterprise Associates 18 and NEA 18 Venture Growth Equity, both managed by New Enterprise Associates.
As of June 30, the actual allocation to private equity was 10.3%.