Tennessee pension re-ups in latest General Catalyst fund

Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, United States
AUM: $66.11 billion
Allocation to alternatives: 26.6%

Tennessee Consolidated Retirement System approved an $85 million commitment to General Catalyst Group XI at its November 2021 investment committee meeting, a contact at the pension informed affiliate publication Private Equity International.

The General Catalyst fund is targeted at $4.6 billion, according to a regulatory document from late October.

The Nashville-based pension previously committed $150 million to the vehicle’s predecessor, General Catalyst Group X, which held a final close of $2.9 billion in March 2021, achieving its target.

The previous Fund X was actually a collection of three funds under one umbrella: an early-stage fund, a growth-equity vehicle and a third fund, called Endurance, to back large companies with more than $100 million in sales. The contact said the pension’s $85 million commitment to Fund XI was broken up into separate allocations to all three feeder funds.

As illustrated below, TCRS allocates 10.3 percent of its full investment portfolio to private equity. The pension’s recent private equity commitments have been to global vehicles employing a variety of strategies.

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