TC
LP profile
Tennessee Consolidated Retirement System
Pension fund
31
VC firms backed
$58B
AUM
~$1.2B
Allocated to VC (est. 2%)
01 · Background
Who Tennessee Consolidated Retirement System is.
- Historical Background
- The Tennessee Consolidated Retirement System (TCRS) was founded on July 1, 1972, through the Consolidation Retirement Act signed by Governor Winfield Dunn. This act merged seven separate public retirement systems into a single, consolidated entity to manage the pensions for state employees.
- Source of Capital
- TCRS is a defined benefit plan, sourcing its capital from contributions made by public employees and employers across the state of Tennessee. The system provides lifetime retirement, disability, and survivor benefits for its members, which include state employees, teachers, and employees of higher education institutions.
- Allocation Strategy
- The system's investment portfolio is diversified across multiple asset classes, including domestic and international equity, fixed income, and private equity. TCRS has a strategic allocation target of 10% for private equity and an additional 5% for strategic lending, which includes private credit opportunities. The fund's investment decisions are guided by a long-term target rate of return, which was 6.50% as of the 2023 fiscal year.
02 · Fund commitments
The funds Tennessee Consolidated Retirement System backs.
Tennessee Consolidated Retirement System is a limited partner in 31 funds. 12 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Lightspeed Venture Partners
#7 Power Law
New Enterprise Associates
#8 Power Law
Khosla Ventures
#12 Power Law
General Catalyst
#13 Power Law
Bain Capital Ventures
#44 Power Law
Venrock
#56 Power Law
IVP
#84 Power Law
OrbiMed
#98 Power Law
Canaan
#103 Power Law
Threshold Ventures
#115 Power Law
Foundation Capital
#155 Power Law
Bain Capital
#239 Power Law
Ardian
EQT Group
Intermediate Capital Group
LivingBridge
Vitruvian Partners
03 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to Tennessee Consolidated Retirement System by combined power-law score, with the assets each one manages and how many VC funds it backs.
🇺🇸
STRS Ohio
$95B AUM
106 VC funds backed
🇺🇸
State of Michigan
$96B AUM
55 VC funds backed
🇺🇸
State of Michigan Retirement Systems
$100B AUM
49 VC funds backed
🇬🇧
Hampshire Pension Fund
$9.0B AUM
48 VC funds backed
🇺🇸
Bessemer Trust
$45B AUM
26 VC funds backed
🇺🇸
Lockheed Martin Master Retirement Trust
$24B AUM
37 VC funds backed
🇺🇸
BP Master Trust For Employee Pension Plans
$13B AUM
26 VC funds backed
🇺🇸
Co-Op Retirement Plan
$15B AUM
31 VC funds backed