TCRS approves $120m commitment

The US public pension has backed a North America-focused buyout vehicle.

Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, US
AUM: $53.56 billion
Allocation to alternatives: 16.4%

Tennessee Consolidated Retirement System has approved a $120 million commitment to Charlesbank Equity Fund X at its October 2020 investment committee meeting, a contact at the pension informed Private Equity International.

The commitment is a re-up with one of the pension’s existing managers, Charlesbank Capital Partners. TCRS has made previous commitments to Charlesbank Equity Fund IX and Charlesbank Equity Fund VIII.

As illustrated below, the pension allocates 7.4 percent of its full investment portfolio to private equity. Its recent private equity commitments have been mainly to venture capital and buyout funds focused on investments in North America and Europe.

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