Tennessee seeks private equity consultant

The $29bn pension started investing in private equity last year.

The Tennessee Consolidated Retirement System (TCRS) is looking for a private equity consultant for its fledgling $169 million private equity portfolio.

Strategic Investment Solutions currently serves as the fund’s consultant and has been invited to bid.

Tennessee’s burgeoning private equity programme continues to grow. In 2008, TCRS received approval to invest up to 5 percent of its total portfolio in private equity. TCRS currently has a private equity target of 3 percent, or about $890 million in current fund dollars. According to pension documents, $300 million of that amount has been committed.

Most recently, Tennessee committed $40 million each to Oaktree Opportunities funds VIII and VIIIb this month.

In March, Tennessee committed $50 million to Oaktree Capital Management’s Public Private Investment Program fund. The commitment was Tennessee’s fifth private equity investment since the pension’s programme began last August.

Tennessee has also committed money to TA Associates, Hellman & Friedman, Khosla Ventures and Draper Fisher Jurvetson.