Key Takeaways
- • Daniel Crews promoted to Deputy Chief Investment Officer of Tennessee Treasury's Investments Division after 12 years as Director of Private Equity, effective June 2025, succeeding Thomas Kim who departed for Maryland State Retirement & Pension System in August 2024.
- • Crews delivered 17.4% annualized returns over 15 years managing the state's private equity program, generating over $1.3 billion in active value creation as of June 30, 2024, while overseeing a $9 billion PE portfolio.
- • Grant Leslie, formerly a senior private equity portfolio manager and principal at Mercer's investment consulting practice, succeeds Crews as Director of Private Equity and will lead the $9 billion PE portfolio.
- • Tennessee Treasury manages $125.5 billion in total state assets, including the $69.4 billion Tennessee Consolidated Retirement System (TCRS), the state's primary public pension fund, plus a $36.9 billion pooled investment fund and $7.7 billion Local Government Investment Pool.
- • Crews, with 26 years of tenure since 1999, holds CFA and CAIA designations and will assist Chief Investment Officer Michael Brakebill in leading the broader Investments Division.
Summary
Tennessee State Treasurer David H. Lillard Jr. announced the promotion of Daniel Crews to Deputy Chief Investment Officer of the Tennessee Department of Treasury's Investments Division, effective June 2025. Crews has served as Director of Private Equity since 2013 and will now assume a dual leadership role assisting Chief Investment Officer Michael Brakebill in overseeing the division's $125.5 billion in state assets. The appointment follows the departure of the previous Deputy CIO, Thomas Kim, who left in August 2024 to become Deputy CIO of the $70 billion Maryland State Retirement & Pension System.
Crews brings substantial institutional investment experience, having joined the Tennessee Treasury in 1999 and progressing through roles including public equities portfolio manager and senior portfolio manager before leading the private equity function. During his 12-year tenure as Director of Private Equity, Crews delivered a 17.4% annualized return over 15 years, generating over $1.3 billion in active value creation as of June 30, 2024. He holds both the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations and previously served as an adjunct professor of finance at Middle Tennessee State University. His academic credentials include a bachelor's degree in finance and a master's degree in financial economics from the same institution.
Grant Leslie, who previously served as a senior private equity portfolio manager and principal in Mercer's investment consulting practice, succeeds Crews as Director of Private Equity. Leslie will manage the state's $9 billion private equity portfolio and lead a four-member investment team. The Tennessee Treasury manages three primary investment pools: the Tennessee Consolidated Retirement System (TCRS) at $69.4 billion, the primary public pension vehicle; a $36.9 billion state pooled investment fund for cash reserves and trust management; and a $7.7 billion Local Government Investment Pool providing short-term cash management services for municipal governments. State Treasurer Lillard noted both appointments exemplify the department's culture of investment excellence and positioning to achieve financial stewardship goals for Tennessee residents.
Crews brings substantial institutional investment experience, having joined the Tennessee Treasury in 1999 and progressing through roles including public equities portfolio manager and senior portfolio manager before leading the private equity function. During his 12-year tenure as Director of Private Equity, Crews delivered a 17.4% annualized return over 15 years, generating over $1.3 billion in active value creation as of June 30, 2024. He holds both the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) designations and previously served as an adjunct professor of finance at Middle Tennessee State University. His academic credentials include a bachelor's degree in finance and a master's degree in financial economics from the same institution.
Grant Leslie, who previously served as a senior private equity portfolio manager and principal in Mercer's investment consulting practice, succeeds Crews as Director of Private Equity. Leslie will manage the state's $9 billion private equity portfolio and lead a four-member investment team. The Tennessee Treasury manages three primary investment pools: the Tennessee Consolidated Retirement System (TCRS) at $69.4 billion, the primary public pension vehicle; a $36.9 billion state pooled investment fund for cash reserves and trust management; and a $7.7 billion Local Government Investment Pool providing short-term cash management services for municipal governments. State Treasurer Lillard noted both appointments exemplify the department's culture of investment excellence and positioning to achieve financial stewardship goals for Tennessee residents.
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