Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, United States
AUM: $62.45 billion
Allocation to alternatives: 26.2%
Tennessee Consolidated Retirement System committed $500 million across two private real estate vehicles at its August 2021 investment committee meeting, a contact at the pension informed PERE. The pension has an existing relationship with both fund managers.
The commitments comprised $250 million each to CBRE U.S. Logistics Partners and Oaktree Real Estate Debt Fund III. The initial commitment to CBRE U.S. Logistics Partners, managed by CBRE Global Investors, will not exceed $150 million.
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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