Insight

TCRS approves $270m in commitments

The Nashville-based public pension has re-upped with three existing managers.

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

Tennessee Consolidated Retirement System has agreed to commit $270 million across five private equity vehicles at its December 2021 investment committee meeting, a contact at the pension informed affiliate Private Equity International. The commitments are re-ups with existing fund managers.

The commitments comprise $150 million to Great Hill Equity Partners VIII; a total of $70 million to Drive Capital Fund IV and Drive Capital Overdrive Fund II; and a total of $50 million split between New Enterprise Associates 18 and NEA 18 Venture Growth Equity.

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 primarily to venture capital vehicles.

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