General Catalyst Partners receives commitment from Tennessee Consolidated

The US public pension has recommitted to a venture capital fund through a secondaries transaction.

Institution: Tennessee Consolidated Retirement System
Headquarters: Nashville, United States
AUM: $50.66bn
Allocation to Alternatives: 14.9%
Bitesize: $50-200m

TCRS has approved the purchase of an additional $25 million stake in venture capital fund General Catalyst IX, according to a representative within the organization.

TCRS originally committed $100 million to General Catalyst IX in February 2018 but was scaled back to $65 million of the intended commitment. General Catalyst Partners then offered TCRS the opportunity to purchase a $25 million interest from another investor within the same fund. The purchased commitment includes both invested and uncalled capital. By completing this transaction, the pension’s current commitment to General Catalyst IX now stands at $90 million.

TCRS was unable to disclose why its initial commitment was scaled back, nor the name of the investor who sold the $25 million stake.

General Catalyst IX held a final close April 2018 with $1.38 billion in commitments, according to a press release.

As illustrated in the charts below, TCRS also allocates to secondary private equity funds, the most recent one being a $150 million commitment to Blackstone Strategic Partners Fund VIII.

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