Virginia Retirement System confirms $1.6bn in commitments

The US public pension has backed nine private equity vehicles.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $101.8 billion
Allocation to alternatives: 22.4%

Virginia Retirement System confirmed $1.68 billion-worth of commitments across nine private equity funds at its August 2021 investment advisory committee meeting.

The commitments comprised of $250 million to Audax Direct Lending Solution II, $354.2 million to ICG Europe VIII, and $100 million to both Insight Partners XII and HarbourVest Partners Co-Investment Fund VI. The pension also committed $50 million and $300 million, respectively, to two funds managed by TA Associates, TA Select Opportunities Fund II and TA XIV.

Additional commitments made at the meeting were the following: $250 million to Hellman and Friedman X, $175 million to Quad-C X and $100 million to Apax Digital II.

VRS has a 13 percent target allocation to private equity, which currently stands at 15.6 percent.

As illustrated below, the $101.8 billion US public pension’s recent private equity commitments have concentrated on diversified sector funds focused on either global or North American investments.

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