The Tennessee Consolidated Retirement System (TCRS), the largest fund managed by the Tennessee Department of Treasury, approved two commitments to U.S.-based industrial real estate funds, Shelli King, communications director for the Treasury, confirmed in an email.
Tennessee approved a $100 commitment to the Exeter U.S. Industrial Value Fund V, managed by Exeter Property Group, as well as an initial commitment of $100 million, with approval to invest up to $250 million total, to Prologis’ U.S. Logistics Fund.
The TCRS is commingled within the Tennessee Retiree Group Trust. According to the fund’s website, the investment objectives for the trust are to obtain the highest available return consistent with preservation of the principal, while maintaining sufficient liquidity to react to the changing environment.
As of June 30, the TCRS fund had $49.6 billion in assets under management.
