The Virginia Retirement System, Richmond, returned 12.4% on its investments for the fiscal year ended June 30, beating its custom benchmark return of 11.8%, according to a statement Thursday. The fund had $48.5 billion in assets as of June 30.
The fund's private equity investments returned 28.6% for the fiscal year, and real estate investments earned 23.4%. Public equities returned 15.3%, credit strategies investments returned 5.3%, and fixed income lost 0.6%.
The asset allocation is 65.5% public equities, 20% fixed income, 5.5% private equity, 5% real estate and 4% credit strategies.
The fund returned an annualized 14% for the three years ended June 30 and 7.1% for the five-year period.