# Tennessee Consolidated Retirement System

Tennessee Consolidated Retirement System is a Pension Fund based in Nashville, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Nashville, United States
- **Region:** North America
- **Address:** Andrew Jackson Building, 15th Floor, 502 Deaderick Street, Nashville, TN 37243-0201, United States
- **Founded:** 1972
- **Assets under management:** 64961 (Altss estimate)
- **Website:** treasury.tn.gov/retirement
- **LinkedIn:** https://www.linkedin.com/company/tennessee-consolidated-retirement-system

## Regulatory record

- **Reports private funds:** No

## About

Tennessee Consolidated Retirement System (TCRS) forms the defined benefit plan component of RetireReadyTN. TCRS provides lifetime retirement survivor and disability benefits for employees and their beneficiaries. The Tennessee Department of Treasury oversees TCRS which ranks as one of the strongest and best-managed pension funds in the United States.

## Sectors

- Private Equity
- Real Estate
- Infrastructure
- Energy

## People

- David H. Lillard, Jr. — State Treasurer and Chair of the Board of Trustees

## Questions

### Who runs investment decisions at Tennessee Consolidated Retirement System?

David H. Lillard, Jr. chairs the Board of Trustees. Michael Brakebill serves as Chief Investment Officer. Daniel Crews directs private equity. The board and investment committee approve commitments at quarterly meetings.

### Does Tennessee Consolidated Retirement System participate in fund commitments or only direct deals?

TCRS makes fund commitments to vehicles such as Advent International GPE XI and Bain Capital XIV LP. It also executes direct real estate acquisitions through separate accounts with JP Morgan Asset Management.

### What investment stages does Tennessee Consolidated Retirement System typically target?

The system targets buyout, growth, and venture strategies through limited partnership interests. It maintains a 13.9 percent allocation to private equity with a 10 percent target.

### How is Tennessee Consolidated Retirement System related to the Tennessee Department of Treasury?

The Tennessee Department of Treasury oversees TCRS operations and investment activities. The State Treasurer serves as board chair.

### What is Tennessee Consolidated Retirement System's known posture on co-investments alongside external GPs?

TCRS participates in co-investment structures such as the Pathway/TCRS Strategic Lending Co-Investment. It also holds direct real estate assets alongside fund commitments.

## Related profiles

- [Johnson & Johnson Pension Fund](https://altss.com/profile/johnson-johnson-pension-fund)
- [BC Municipal Pension Plan](https://altss.com/profile/bc-municipal-pension-plan)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/tennessee-consolidated-retirement-system

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