Virginia Retirement System, Richmond, reported net investment returns of 15.7% for the fiscal year ended June 30, boosting assets to a record $66 billion.
With gains of $9 billion, “fiscal year 2014 was a very good year,” said Chief Investment Officer Ronald Schmitz in a statement.
Gains in all the major asset classes were led by private equity, which returned 23.2%, followed by public equity at 21.6%; real assets, 14.2%; credit strategies, 12.2%; and fixed income, 4.9%.
Virginia’s portfolio includes $5.1 billion in private equity, $28.8 billion in public equity, $7 billion in real assets, $12 billion in credit strategies and $11.6 billion in fixed income.
Board Chairwoman Diana Cantor congratulated investment staff “on their ability to far exceed” the system’s 7% assumed rate of return. The overall custom benchmark returned 14.7%.
