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.

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