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Tennessee Consolidated earmarks $85M for 2 funds

by trusted insight posted 3years ago 526 views
Tennessee Consolidated Retirement System, Nashville, made two new commitments totaling about $85 million, said Shelli King, spokeswoman for David H. Lillard Jr., state treasurer, who oversees the pension fund, in an e-mail to Pensions & Investments.

The $42.3 billion pension fund committed up to €50 million ($55 million) to ICG Europe Fund VI, a European focused middle-market fund managed by Intermediate Capital Group. It is the pension fund's first commitment to an ICG fund.

The pension fund also committed $30 million to OrbiMed Royalty Opportunities Fund II, managed by OrbiMed Advisors. The fund buys royalty rights to inventions, providing upfront capital for research.

The pension fund committed $20 million in 2013 to venture capital fund OrbiMed Private Investments V.

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