Tennessee Consolidated Retirement System, Nashville, made three commitments totaling $95 million, said Gillian Johnson, spokeswoman for Treasurer David H. Lillard Jr., who oversees the $50.7 billion pension fund, in an email.
The pension fund committed $40 million to Drive Capital Overdrive Fund I and $30 million to Drive Capital Fund III, both venture capital funds. TCRS previously committed $20 million to Drive Capital Fund I in 2013.
The pension fund also made a follow-on commitment of $25 million to General Catalyst Group IX, a venture capital fund managed by General Catalyst Partners. The pension fund originally committed $100 million to the fund in February 2018.
As of March 31, the actual allocation to private equity was 6.1%; the target is 7%.
