Virginia Retirement System, Richmond, grew 12% in the fiscal year ended June 30, to $44 billion, trustees announced today. The system's real estate portfolio grew 24.4% to $1.8 billion, and private equity grew 21.5% to $2.2 billion. Equities grew 12.3% to $27.6 billion, and hedge funds were up 9% to $1.7 billion. Enhanced high yield were up 7.6% to $1.7 billion, and fixed income grew 7.2% to $8.7 billion.
Separately, Charles Grant was chosen as the new CIO of the system, the board of trustees announced last night. He has been acting CIO since the resignation of Nancy Everett, who became CIO of General Motors Asset Management on June 1. The board is negotiating a contract with Mr. Grant.