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Virginia commits $432 million to buyout, credit, real estate funds

Virginia Retirement System, Richmond, committed $431.6 million to three managers, investment officials announced at a board meeting Wednesday.

In private equity, the pension fund committed $100 million to KKR Asian Fund III, a buyout fund. In credit strategies, VRS committed $250 million to Ares Private Credit Solutions managed by Ares Management, and in real assets, it committed $81.6 million to Curzon Capital Partners 5 Long-Life, a perpetual life real estate fund managed by Tristan Capital Partners.

The $72 billion pension fund had an asset allocation as of Dec. 31 of 40.6% public equity, 18.5% credit strategies, 16.8% fixed income, 12.8% real assets, 8.3% private equity, 2.2% in strategic opportunities and the rest in cash.