The Tennessee Consolidated Retirement System appointed Daniel Crews to take over the $40 billion retirement system’s private equity programme, according to a statement released Tuesday. Crews assumed the role in an interim capacity following the departure of former private equity chief Lamar Villere last year.
Crews had been a relatively recent addition to Tennessee’s private equity staff when he was asked to take over for Villere last year. Prior to being named Tennessee’s director of private equity, Crews worked as a portfolio manager for the retirement system’s equity allocation.
“We [looked] at many different candidates from across the country. However, at the end of the search, the determination was made that Mr. Crews was the most qualified candidate for us,” Tennessee spokesperson Blake Fontenay told Private Debt Investor, adding that Crews has worked for the state’s Treasury Department in some capacity for 15 years.
Crews has been tasked with increasing the retirement system’s allocation to private equity from 1 percent to 3 percent, according to a statement. Tennessee launched its private equity programme under Villere in 2009. In addition to traditional buyout funds, the allocation allows for commitments to mezzanine, distressed debt, venture capital, special situations and secondary funds.
Since taking charge of the private equity programme last year, Crews has overseen roughly $480 million in private equity commitments, according to information disclosed to Private Debt Investor. Those include a $75 million commitment to Ardian’s fourth fund and a $50 million commitment to a Denham Capital Management co-investment vehicle.