TCRS hikes target allocation to private equity

The US public pension plans to increase its exposure to the asset class.

Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, US
AUM: $60.63 billion
Allocation to alternatives: 16.6%

Tennessee Consolidated Retirement System has approved an increase to its private equity target allocation from 7 percent to 10 percent at its March 2021 board of trustees meeting, a contact at the pension informed Private Equity International.

In order to facilitate its increase in private equity exposure, the pension plans to reduce its target allocation to fixed income securities.

As illustrated below, TCRS currently allocates 8.5 percent of its investment portfolio to private equity. As of 31 December, the value of its private equity portfolio was approximately $5.18 billion. The pension’s chief investment officer is Michael Brakebill.

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