Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $76.9 billion
Allocation to alternatives: 28.8%
Virginia Retirement System approved $1.12 billion-worth of private equity commitments in July 2020, a contact at the pension informed Private Equity International.
The commitments comprised $300 million to Oaktree Opportunities Fund XI; $275 million to Prudential Capital Partners VI; €200 million ($225 million) to CVC Capital Partners VIII; $150 million to Thoma Bravo Fund XIV; $125 million to KKR Asian Fund IV; and $45 million to H.I.G. Capital Partners VI.
The $76.9 billion US public pension has a 13.0 percent target allocation to private equity that stood at 14.3 percent as of 31 March 2020.
As illustrated below, VRS’s most recent batch of private equity commitments have targeted four buyout funds, a mezzanine fund and a vehicle focused on distressed equity and debt investments.
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