VRS approves $400m in commitments

The US public pension has backed a pair of private equity funds.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $85.10 billion
Allocation to alternatives: 24.2%

Virginia Retirement System confirmed $400 million-worth of commitments to two private equity funds at its December 2020 board meeting, a contact at the pension informed Private Equity International.

The commitments comprised $300 million to Ares Private Credit Solutions II and $100 million to Charlesbank Equity Fund X.

VRS has a 13 percent target allocation to private equity, which currently stands at 13.5 percent.

As illustrated below, the $85.1 billion US public pension’s recent private equity fund commitments have concentrated on diversified sector funds focused on either global or North American investments.

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