003 · Benchmarks
Tennessee Consolidated Retirement System.
Targets, ranges and benchmarks as the document states them. Our copy of the IPS.
| Asset class | Bucket | Target | Range | Benchmark |
|---|---|---|---|---|
| Equity - United States | Public Equity | 31% | — | — |
| Equity - Canadian | Public Equity | 2% | — | — |
| Equity - International Developed Markets | Public Equity | 12% | — | — |
| Equity - Emerging Markets | Public Equity | 4% | — | — |
| Core Fixed Income Securities | Fixed Income | 20% | 0–60% | FTSE US Large Pension Fund Baseline BondFTSE US Large Pension Fund Baseline Bond Index |
| Inflation Indexed Bonds | Fixed Income | 0% | 0–15% | Citi TIPSCitigroup TIPS Index |
| Private Equity - Traditional | Private Equity | 10% | — | — |
| Private Equity - Strategic Lending | Private Credit / Debt | 10% | — | — |
| Real Estate | Real Estate | 10% | 0–20% | NCREIF ODCE (ODCE)NCREIF Open End Diversified Core Equity Index (ODCE) |
| Cash and Cash Equivalents | Cash | 1% | 0–10% | 30-Day US Treasury-Bill30-Day U.S. Treasury-Bill index |
| Domestic Equity | Public Equity | — | 25–50% | — |
| International Equity | Public Equity | — | 5–25% | — |
| Emerging Markets Equity | Public Equity | — | 0–10% | — |
| International Fixed Income Securities | Fixed Income | — | 0–10% | — |
| Private Equity | Private Equity | — | 0–40% | Cambridge Custom Private Equity BenchmarkCambridge Associates Custom Private Equity Benchmark |
| Equity — United States | Public Equity | — | — | S&P 1500 |
| Equity — Canadian | Public Equity | — | — | S&P / TSX 60S&P / TSX 60 Index |
| Equity — International Developed Markets | Public Equity | — | — | MSCI EAFE IMI (IMI)MSCI EAFE Investable Market Index (IMI) |
| Equity — Emerging Markets | Public Equity | — | — | MSCI Emerging MarketsMSCI Emerging Markets Index |
| Strategic Lending | Private Credit / Debt | — | — | Custom : 50% Barclay's High Yield 2% Issuer Capped + 50% Credit Suisse Leveraged LoanCustom Index: 50% Barclay's High Yield 2% Issuer Capped Index + 50% Credit Suisse Leveraged Loan Index |