TCRS approves $325m in commitments

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

Tennessee Consolidated Retirement System committed $325 million across two private real estate vehicles at its December 2020 investment committee meeting, a contact at the pension informed PERE.

The commitments comprised $200 million to Berkshire Multifamily Debt Fund III, L.P. and $125 million to Pretium Single-Family Rental Fund III.

As illustrated below, the pension’s private real estate commitments have been mainly to core and value-added funds focused on investments in North America. TCRS has a 10 percent target allocation to real estate that currently stands at 9 percent.

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