Virginia Retirement System confirms $300m commitment

The US public pension has backed Ares’ latest private credit vehicle.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $104.8 billion

Virginia Retirement System has confirmed a $300 million commitment to Ares Management’s second special opportunities fund, according to its November investment advisory committee meeting.

Ares Special Opportunities Fund II was launched in July and has raised $757 million, according to a recent SEC filing by the firm and the Private Equity International database.

VRS has a target allocation of 14 percent to private equity that currently sits at 16.6 percent. As illustrated below, the 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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