Virginia Retirement System, Richmond, committed $200 million to Pritzker Apartment JV managed by Pritzker Realty Group, according to an announcement at Thursday'sboard of trustees meeting.
The commitment's duration is for three years and was effective Sept. 24.
Ron Schmitz, chief investment officer, told trustees at the meeting that VRS “is ramping up” its real estate program. VRS, which had $53.9 billion in assets as of Aug. 31, has a current real asset allocation, which includes real estate, of 4.8% and a policy allocation of 8.7%. The real asset portfolio was the strongest performer in the fiscal year ended June 30, returning 11.9%.
Calls to Pritzker Realty Group were not returned.