Virginia Retirement System, Richmond, committed $487 million to private equity and $250 million to real assets, according to presentations made at Thursday's board of directors meeting.
In private equity, $275 million was committed to Olympus Growth Fund VI, which specializes in leveraged buyouts in North America and is managed by Olympus Partners; $200 million to First Reserve XIII, a global energy-focused fund; and $12 million to Matrix Partners X, a technology fund.
VRS also committed $100 million from its real assets program to Brookfield Global Listed Infrastructure, a subsidiary of Brookfield Asset Management; $100 million to Stonepeak Infrastructure Partners, and $50 million to The Forest Co. , which invests in sustainable forest plantations in South America.
Separately, the $59.1 billion pension fund returned 4.6% on its investments in the first quarter of 2013. Public equity had the highest return for the quarter, at 8%; followed by private equity, 3.4%; credit strategies, 3.2%; and real assets, 2.9%.