Virginia Retirement System, Richmond, hired managers to run or committed a total of $2.05 billion in public equity, private equity, real estate and credit.
The $58.3 billion pension fund added $1.08 billion to its public equity portfolio, hiring Baillie Gifford to run $590 million in global long-only equities and Nordea Investment Management to run $490 million in its Nordea Emerging fund.
In private equity, the pension fund committed $114 million to Providence VI run by Providence Equity Partners, $100 million to Riverside Capital Appreciation Fund VI managed by Riverside Co., and €225 million ($304 million) to CVC Capital Partners Fund VI, a European private equity fund.
New real estate allocations include $100 million to RS Investments and $50 million for IFM Australian Infrastructure Wholesale Fund, managed by Industry Funds Management.
In credit strategies, VRS allocated $200 million to Allianz Global Investors and $100 million to Tower Square Capital Partners IV.
All the funding comes from cash, spokeswoman Jeanne Chenault said. The hires and commitments were announced at the board of trustees meeting Sept. 12.
VRS also reported investment returns of 11.8% for its fiscal year ended June 30. 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%.
