TCRS approves $154m in commitments

Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, United States
AUM: $62.45 billion
Allocation to alternatives: 26.2%

Tennessee Consolidated Retirement System committed $154 million across three private real estate vehicles at its September 2021 investment committee meeting, a contact at the pension informed PERE. The pension has an existing relationship with both fund managers.

The commitments comprised $100 million to Asana Partners Fund III, $4 million to AEW Partners Real Estate Fund IX and $50 million to co-investment vehicle AEW/TCRS Co-Investment.

As illustrated below, TCRS’s private real estate commitments have been primarily to North American vehicles employing a variety of strategies. The pension has a 10 percent target allocation to real estate that currently stands at 8.8 percent.

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