Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, US
AUM: $60.63 billion
Allocation to alternatives: 17.1%
Tennessee Consolidated Retirement System agreed to commit $460 million across three private equity vehicles at its June 2021 investment committee meeting, a contact at the pension informed affiliate title Private Equity International.
The fund commitments include $40 million to Foundation Capital X and $20 million to Foundation Capital Leadership Fund III. Both vehicles are managed by Foundation Capital.
Fund X is targeted at $500 million, according to a regulatory filing in early June. The third Leadership fund, which serves as the firm’s opportunity fund, is aiming to raise $300 million, based on a regulatory filing.
TCRS also formed Pathway/TCRS Co-Investment, which is a $400 million co-investment in partnership with Pathway Capital Management.
As illustrated below, TCRS allocates 8.5 percent of its full investment portfolio to private equity. The pension’s recent private equity commitments have been mainly focused on investments in North America and Europe employing a variety of strategies.