Searches and Hires

Virginia slates nearly $1.2 billion for 8 managers, terminates Oaktree

Virginia Retirement System, Richmond, invested $125 million with Nitorum Capital for a long/short equity hedge fund and committed $1.06 billion to credit, private equity and real assets strategies.

In credit strategies, the pension fund committed $150 million to Anchorage Illiquid Opportunities VI, a global opportunistic credit fund managed by Anchorage Capital Group. Also, a $377 million investment to alternative manager Oaktree Capital Management (OAK)'s high-yield portfolio was terminated. Details on the reason for the termination were not available.

Of the $611 million committed to private equity, the biggest commitment was $275 million to Olympus Growth Fund VII, a midmarket fund investing in both control and minority investments, managed by Olympus Partners.

Another $180 million was committed to H.I.G. Advantage Buyout Fund, a North American midmarket buyout fund managed by H.I.G. Capital. Another $125 million was committed to Siris Partners IV, a deep-value private equity fund focused on mature technology businesses undergoing transition that is managed by Siris Capital Group. VRS also made an additional $31 million commitment to ABRY Partners VII and VIII, private equity funds focused on media, communications and business services companies that is managed by ABRY Partners.

In real assets, Virginia committed $200 million to Pantheon Ventures for a separate account investing in infrastructure, and $100 million to Penwood Real Estate Investment Management for its Penwood Select Industrial Partners V, a closed-end fund investing in industrial real estate.

The $78.3 billion pension fund's hires were announced at a board meeting Thursday. As of Sept. 30, VRS had 41.6% of its portfolio in public equity, 17.2% in credit strategies, 16.3% in fixed income, 12.6% in real assets, 9.1% in private equity and 2.5% in its strategic opportunities portfolio.