VRS confirms $550m in commitments

The US public pension has backed a pair of corporate direct lending vehicles.

Institution: Virginia Retirement System
Headquarters: Richmond, United States
AUM: $85.40bn
Allocation to alternatives: 23.87%
Bitesize: $100-200m

Virginia Retirement System has confirmed $550 million-worth of private equity commitments to a pair of vehicles, a contact at the pension informed Private Equity International. The commitments comprise of $300 million to an open-ended corporate private debt separate account managed by H.I.G. WhiteHorse and $250 million to Ares Management’s Pathfinder Fund.

The $85.40 billion US public pension has a 15.0 percent target allocation to private equity that currently stands at 12.10 percent.

As illustrated below, VRS has made four commitments to private equity funds in Q1 2020, which combined comprise $800 million.

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