VRS confirms $308m in commitments

The US public pension has backed a couple of region-specific buyout funds.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $85.1 billion
Allocation to alternatives: 24.2%

Virginia Retirement System approved $308 million-worth of commitments to a pair of private equity funds at its October 2020 board meeting, a contact at the pension informed Private Equity International.

The commitments comprise $255 million to GTCR XIII and €45 million to H.I.G. Europe Capital Partners III.

GTCR XIII held a final close in November 2020 at $7.5 billion, whereas H.I.G.’s third Europe-focused buyout fund remains in market targeting €1 billion in equity capital.

The $85.1 billion US public pension has a 13 percent target allocation to private equity, which currently stands at 13.5 percent.

As illustrated below, VRS’s private equity commitments tend to target buyout funds focused on either North America or Europe.

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