The Virginia Retirement System, Richmond, has approved investments in two alternative equity funds.
The $24.7 billion fund is investing $40 million with Code, Hennesy & Simmons III, a private equity fund investing in midmarket companies, and $75 million in Lehman Brothers Merchant Banking Partners II, a leveraged buy-out fund.
Inland Steel Industries Inc., Chicago, hired M.A. Weatherbie to manage small- and midcap stocks for the $2 billion defined benefit fund, said Terence R. Rogers, direct-pension investments and administration.
The amount assigned was unavailable. Assets came from a reallocation