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Tennessee Consolidated approves $100m commitment

The Nashville pension has backed a core-plus multifamily fund.

Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, United States
AUM: $52.26bn
Allocation to alternatives: 15.10%
Bitesize: $50-100m

Tennessee Consolidated Retirement System committed $100 million to FPA Core Plus Fund V. FPA Multifamily will use capital raised by its fifth fund to invest in residential properties throughout North America.

The $52.26 billion US public pension has a 10 percent target allocation to real estate that currently stands at 8.80 percent.

As illustrated in the charts below, the pension devotes 15.1 percent of its full investment portfolio to alternative assets. Tennessee Consolidated has a strong appetite for North America-focused real estate funds.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.