Virginia Retirement System approves $475 million in commitments

The US public pension has backed two global PE funds.

Institution: Virginia Retirement System
Headquarters: Richmond, United States
AUM: $80.40bn
Allocation to alternatives: 26.20%
Bitesize: $100-200m

Virginia Retirement System (VRS) has approved $475 million in private equity commitments, a contact at the pension informed Private Equity International. The commitments comprise of $325 million to TA XIII and $150 million to Advent International GPE IX.

The $80.40 billion US public pension has a 15.0 percent target allocation to private equity that currently stands at 11.30 percent.

As illustrated in the charts below, VRS’ commitment to TA XIII is its first to a 2019 vintage private equity fund. The pension’s private equity commitments predominantly focus on buyouts, with debt and venture capital / growth equity vehicles also targeted.

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