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TCRS commits over $400m to private equity, venture capital funds

3 Jan 2014

dollar large_sqThe Tennessee Consolidated Retirement System (TCRS) has made commitments of over $400m to several private equity and venture capital funds.

The $38bn pension fund has approved commitments of $55m to EBF & Associates’ Merced Partners IV, $20m to OrbiMed Private Investments V and $75m to Olympus Growth Fund VI.

It has also committed $60 million to Stone Point’s Trident VI fund, £40m to Vitruvian Investment Partnership II, $20m to Drive Capital Fund I and $75m to Ardian’s AXA Secondary Fund VI, according to PeHUB.

TCRS expects to invest $500m in private equity funds this year, said the report.

Last year head of TCRS Lamar Villere stepped down to manage capital at his family’s business. He served as the pension system’s private equity director since 2009 when the state’s legislature gave the green light to the fund investing in the asset class.

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