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Tennessee gives PE investment head job to interim head Crews

29 Jan 2014

Tennessee state flagTennessee’s $37bn Consolidated Retirement System has given interim private equity head Daniel Crews the top job after seven months in the role.

Crews became interim head of PE at the pension manager after Lamar Villere stepped down in June to manage capital at his family’s business.

Villere had been director of private equity at TCRS since 2009, a year after the state’s legislature gave the green light to the fund investing in the asset class.

Crews has been charged with increasing the fund’s overall private equity allocation from 1 per cent to 3 per cent according to PEI, which first reported the news.

In August, TCRS committed $50m to DCPF IV Oil & Gas Co-Investment Fund, an oil and gas focused sidecar vehicle to Denham IV, to which TCRS previously committed $50m.

Two months later it committed $55m to EBF & Associates’ fund Merced Partners IV, an opportunistic credit and real asset fund, and followed that with $20m for OrbiMed Private Investments V and $75m to middle markets buyout fund Olympus Growth Fund VI.

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