Virginia Retirement System, Richmond, hired managers to run or committed a total of $1.53 billion in emerging markets, private equity, real estate and credit funds.
The $58.3 billion pension fund hired Arisaig Partners, to run $50 million in an emerging markets consumer-focused hedge fund.
In private equity, the pension fund committed $250 million to Bain Capital Fund XI, a buyout fund; $230 million to Apollo Investment Fund VIII, a buyout fund managed by Apollo Global Management; $150 million to First Reserve Energy Infrastructure Fund II; $125 million to GTCR Fund XI, a buyout fund; and $125 million to Trident VI, managed by Stone Point Capital.
New real estate commitments include $350 million to two Blackstone Real Estate Partners’ funds.
In credit strategies, VRS committed $150 million to TPG Opportunities Partners III, managed by TPG Capital; and $100 million to Anchorage Illiquid Opportunities IV, a credit fund managed by Anchorage Capital Group.
All the funding comes from cash, spokeswoman Jeanne Chenault said. The moves were announced at the board of trustees meeting Tuesday. Further information was not available by press time.