Virginia Retirement System, Richmond, committed $400 million to credit strategies, $299 million to private equity and $50 million to real assets, according to presentations made at Thursday's board of directors meeting.
In private equity, $200 million went to HarbourVest Partners for a co-investment fund, $75 million went to Quad-C Partners VII, managed by Quad-C Management, and $24 million went to ABRY Senior Equity IV, managed by ABRY Partners.
In credit strategies, $250 million went to Highbridge Principal Strategies and $150 million went to Golub Capital.
VRS also committed $50 million from its real assets program to Fortress Investment Group's Japan Opportunity Fund II.
Separately, the $55.5 billion pension fund returned 13% on its investments in 2012, the board announced at the meeting.
Ronald D. Schmitz, chief investment officer, said in a statement that “all asset classes performed well. Given favorable market conditions, we exceeded the long-term assumed rate of return of 7%, and we also beat the custom long-term benchmark of 11.6%.”
Public equity had the highest return in 2012, at 16.1%; followed by private equity, 14.4%; real assets, 13.9%; credit strategies, 13.6%; and fixed income, 5.9%.