The Tennessee Consolidated Retirement System, a $27 billion pension, has committed $50 million to Oaktree Capital Management’s Public Private Investment Program fund.
The commitment is Tennessee’s fifth private equity investment since the pension’s programme began last August. Tennessee’s state legislature authorised the pension to invest in private equity in 2008.
Tennessee has so far committed money to TA Associates, Hellman & Friedman, Khosla Ventures and Draper Fisher Jurvetson.
The PPIP, run by the US Treasury, was created for private sector participants to invest – alongside the government – in the toxic assets on bank’s balance sheets. The programme was intended to help rescue the banking industry in the US after the market meltdown in 2008.
Nine fund managers were chosen to participate in the programme, including Oaktree. The managers have to raise funds for the programme of a minimum of $500 million. Oaktree reached the minimum target a few months ago.
Tennessee commits $50m to Oaktree’s toxic assets fund
The state pension has made its fifth commitment to private equity since starting its programme last August.
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