Virginia Retirement System, Richmond, hired Urdang Securities Management to manage up to $150 million in a real estate portfolio. The $43 billion system also committed $104 million to HM Europe Fund II, a private equity fund; $100 million to AMB Japan I, a real estate fund; and $35 million to FrontPoint Offshore Healthcare I, a long-short equities fund. Funding for the allocations came from cash, said Jeanne Chenault, spokeswoman.
Separately, Joe Grills was named chairman of the pension fund's investment advisory committee. He replaces Raymond D. Smoot Jr., who retired. Mr. Grills, retired CIO of the $64.8 billion International Business Machine Corp. pension fund, White Plains, N.Y., was a member of the system's investment advisory committee.