DFX Intelligence
Allocator Intelligence
The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.
State retirement system
Tennessee Consolidated Retirement System
Assets
$33B
Total assets, Jun 30, 2024 derived
Funded
n/a
not filed
Private markets target
20.0%
policy Jun 30, 2025
Commitments
0
none on the tape
Invests for: TCRS Public Employee Retirement Plan, Teacher Legacy Pension Plan, Teacher Retirement Plan
Allocation policy
ACFR, as of Jun 30, 2025
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | Cash | 1.0% | reported treasury.tn.gov | |||
| Core Fixed Income Securities | Fixed income | 20.0% | reported treasury.tn.gov | |||
| Private Equity - Strategic Lending | Private equity | 10.0% | reported treasury.tn.gov | |||
| Private Equity - Traditional | Private equity | 10.0% | reported treasury.tn.gov | |||
| Equity - Canadian | Public equity | 2.0% | reported treasury.tn.gov | |||
| Equity - Emerging Markets | Public equity | 4.0% | reported treasury.tn.gov | |||
| Equity - International Developed Markets | Public equity | 12.0% | reported treasury.tn.gov | |||
| Equity - United States | Public equity | 31.0% | reported treasury.tn.gov |
Actual allocation lines without a target (as filed)
- Short-Term Securities 4.2%
- Domestic Fixed Income 22.6%
- International Fixed Income 0.0%
- Domestic Equity 28.0%
- International Equity 14.0%
- International Private Equities & Strategic Lending 2.0%
- Private Equities & Strategic Lending 20.2%
- Real Estate 9.0%
Consultants and advisers
5 firms
- Verus General consultantthrough Jun 30, 2025 ACFR
- Aksia LLC Private equity consultantthrough Jun 30, 2025 ACFR
- RCLCO Real Estate Consulting Real estate consultantthrough Jun 30, 2025 ACFR
- USI Consulting Actuaries Actuarythrough Jun 30, 2025 ACFR
- State Street Custodianthrough Jun 30, 2025 ACFR
People
8 roles
Chief investment officer
Michael Brakebill
Chief Investment Officer (Jun 30, 2025) treasury.tn.gov
Chief Investment Officer Michael Brakebill, CFA, CAIA
- Carrie Green Equity DirectorAsset-class head
- Grant Leslie Private Equity DirectorAsset-class head
- J.P. Rachmaninoff Real Estate DirectorAsset-class head
- Jeff Dunn Strategic Lending DirectorAsset-class head
- Markus Klar Fixed Income DirectorAsset-class head
- Daniel Crews Deputy Chief Investment OfficerDeputy CIO
- Jamie Wayman TCRS DirectorExecutive director / CEO
Manager roster
No manager relationship is on the tape for this allocator.
Commitments
No fund commitments are on the tape for this allocator. The tape holds the plans that publish their own private-markets reports; a plan that publishes one and is not here is a gap we can close.
Size and funding
2 readings
What changed
1 events
- Jun 30, 2024Assets changedTennessee Consolidated Retirement System total assets $64.6B -> $32.7B (-49.3%, 2023-06-30 to 2024-06-30)
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: none on file
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.