Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $101.8 billion
Allocation to alternatives: 22.4%
Virginia Retirement System confirmed $60 million-worth of commitments across two private equity funds at its September 2021 board of trustees committee meeting.
The commitments comprised of $25 million to Advent Global Technology II and $35 million to Spectrum Equity Select Opportunities. Advent’s Technology fund will invest alongside Advent International GPE, focusing on technology companies with high growth. Spectrum’s opportunities fund has a target of $300 million and will invest in secondaries opportunities in North America across a variety of sectors.
VRS has a 13 percent target allocation to private equity, which currently stands at 15.6 percent.
As illustrated below, the $101.8 billion US public pension’s recent private equity commitments have concentrated on diversified sector funds focused on either global or North American investments.
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