TCRS PE commitments

Tennessee Consolidated Retirement System (TCRS) recently made private-equity asset commitments of $25MM and $50MM to General Catalyst and Denham, respectively.

TCRS-Bessemer Ventures

The Tennessee Consolidated Retirement System's (TCRS) latest private-equity asset commitment puts $25MM on the table for Bessemer Venture Partners to manage. The announcement advances the 18-month-old program, and comes shortly after word of a legislative initiative that could have influenced TCRS investments. Read about it here.

TCRS commits $50MM to LA private-equity fund

Tennessee Consolidate Retirement System today announced it has committed $50MM to Oaktree PPIP Private Fund, bringing total private-equity allocations to $225MM, under the State's year-old alternative investments initiative. The VNC story is here.

State pension fund recovers some

State Treasurer David Lillard told a Kingsport audience the Tennessee Consolidated Retirement System pension fund has recovered from a Recession low of $23Bn to about $29Bn. Prior to the Recession's precipitous drop, the fund had reached about $33Bn. The Times News reports.

State private-equity guidelines released

Lamar Villere (left), director of private-equity investing for the State's pension system (TCRS), yesterday provided us TCRS guidelines for PE efforts. Based on the scope of the director's job outlined in this document, maybe they'd better invest in biotech, to clone Villere. After all, we're talking about stewardship of at least $800MM. Read about it here.

Treasurer: TN Pension fund doing well

Encouragement for those hoping for a bigger pool of State-led private-equity investment: TN Treasurer David Lillard told an audience the fund is doing well. Chattanoogan.com had the story.

Villere to lead TCRS private equity moves

Lamar Villere, at left, the new director of private-equity investing at Tennessee Consolidated Retirement System, will have many new friends. Tennessee's indigenous private-equity and VC players are concerned they'll be left out of allocations of about $800MM. Our story's here.

Capital ideas: Tennessee VC infrastructure

There are a number of new venture-capital and related initiatives afoot that deserve close attention: Obviously, the State pension plan's first-year authority to allocate something north of $750MM to private-equity investments is stunning. And, as we reported Friday, the strong capital-formation task force created by Tennessee Technology Development Corporation represents a real 'gathering of eagles'. There are other actors: In that same story yesterday, TTDC President Eric Cromwell indicated he's exploring an expanded role for Nashville Capital Network, an angel group that also has a sidecar investment fund. And, Nashville Technology Council's Tod Fetherling's public appearances make clear he hasn't lost any of his entrepreneurial spirit, in moving from ConnectivHealth to NTC.

TCRS Private-equity move ripples across state

OUR exclusive story Monday on the State's $32 billion retirement fund being authorized to invest in private equity caught a lot of folks flat-footed, including those who had long advocated the changes that were quietly made last spring by the General Assembly. Nashville Capital Network Executive Director Sid Chambless (at left) told VNC this morning: “This is extremely important news for private equity and entrepreneurship in the state of Tennessee. For quite sometime, Tennessee firms were at a disadvantage because our state was one of six or seven that did not invest in private equity or venture capital. Although the change in law does not guarantee any of those funds will flow into Tennessee firms, it at least opens the door for the state to invest in local private equity and venture capital. Worthy firms are no longer prevented by law from receiving state pension funds. Additionally, from a simple asset allocation standpoint, this is a step in the right direction for the State of Tennessee and increases the likelihood for better returns to TCRS.” In hindsight, TCRS' mandate may seem overdue and obvious. But, the fact the step has been taken seems likely to change the tone and direction of the entire discussion of investment in Tennessee.