Tennessee Consolidated Retirement System, Nashville, approved private equity and strategic lending commitments totaling $565 million.
The $61.5 billion pension fund's board at its April 21 meeting approved commitments of up to $200 million to ICG North American Credit Partners Fund III, a private credit fund managed by Intermediate Capital Group; up to $170 million to TA XV, a middle-market buyout fund managed by TA Associates; $150 million to GoldenTree Loan Management III (U.S. Feeder), a private credit fund managed by GoldenTree Asset Management; and up to $45 million to venture capital fund Foundation Capital XI, said Shelli King, spokeswoman for state Treasurer David H. Lillard Jr., who oversees the pension fund, in an email.
TCRS previously committed $125 million to ICG North American Private Debt Fund II in 2018, $150 million to GoldenTree Distressed Fund IV, a combined $200 million to TA XIV and TA Select Opportunities Fund II, and $40 million to Foundation Capital X, all in 2021.
As of Dec. 31, the pension fund's actual allocations to private equity and its strategic lending portfolio were 13.5% and 11.1%, respectively; each has a target of 10%.
