Tennessee Consolidated Retirement System (TCRS) has made a $150m (€127.3m) commitment to US senior housing debt fund managed by real estate investment trust Welltower.
According to sources familiar with the fund, the Welltower Senior Housing Debt Fund has a $1bn hard cap and targets net internal rate of retruns of 10%.
Welltower launched the vehicle in the fourth quarter of 2025. The fund’s strategy involves the origination or acquisition of senior secured loans backed by senior housing assets, according to TCRS.
The new commitment represents an expansion of the existing relationship between TCRS and Welltower.
The pension fund’s previous commitment to the manager was made in June 2025, when it allocated $150m to Senior Housing Fund I, a US senior housing fund.
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