Virginia Retirement System, Richmond, reported investment returns of 11.8% for its fiscal year ended June 30, boosting assets to $58.3 billion.
VRS Chief Investment Officer Ronald Schmitz said he was pleased that the pension fund outperformed its benchmark for the year “despite (a) nod toward conservatism” in its investments.
Mr. Schmitz said in a statement that the portfolio was run “with an eye toward protecting the fund in the event of another crisis scenario such as that experienced in 2008-'09.”
Public equity was the top performer at 18.6%. Private equity returned 11.7%; real assets, 10.7%; credit strategies, 10.5%; and fixed income, -0.1%.
The asset allocation as of June 30 was 43.2% public equity, 18.2% credit strategies, 17.8% fixed income, 9.4% real assets, 8.6% private equity and the rest in cash.