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VRS confirms $225m commitment

The US public pension has backed a private equity fund managed by Bain Capital.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $81.6 billion
Allocation to alternatives: 24.8%

Virginia Retirement System approved a $225 million commitment to Bain Capital Fund XIII at its September 2020 board meeting, a contact at the pension informed Private Equity International.

Bain’s 13th buyout fund from its flagship series is in market targeting $9 billion in capital commitments.

The $81.6 billion US public pension has a 13 percent target allocation to private equity, which currently stands at 12.5 percent.

As illustrated below, VRS’s private equity fund commitments tend to target North American buyout funds.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.