Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $97 billion
Apollo European Principal Finance Fund IV is a private equity debt fund that targets the financial services sector in Western Europe. The fund was launched at the end of 2021, following fund III, which closed in 2017 on $4.6 billion.
VRS’s private equity portfolio allocation currently stands at 19 percent – overallocated to a target of 16 percent. The value of the portfolio is $18.4 billion. The pension typically invests in North America or the Asia Pacific region with debt returns, as illustrated below.
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