Virginia Retirement System, Richmond, committed $1.19 billion to private equity, $250 million each to public equity and credit strategies, and $150 million to real asset strategies, presentations made at Monday's board of directors meeting showed. The commitments have been made since May.
In private equity, VRS committed $600 million to Grosvenor Capital Management's GCM Grosvenor 2014-2017 Series; $200 million to Asia Alternatives Management; and $150 million to New Mountain Partners IV, a domestic midmarket buyout fund. It also committed $85 million to Spectrum Equity VII, a growth private equity fund; $70 million to Veritas Capital Fund Management's Veritas Capital Fund V, a buyout fund; $50 million to Vista Equity Partners Fund V, a buyout fund, and $30 million to ABRY VIII, a buyout fund managed by ABRY Partners.
In public equity, the $66 billion VRS hired Kylin Management to run $250 million in an equity hedge fund oriented toward China, Korea and Japan.
Also, Oaktree Capital Group's OCM Mezzanine Fund IV received $250 million for credit strategies, and Taurus Funds Management received $150 million for its Taurus Mining Finance Fund, a natural resources fund that invests in the debt of global emerging public and private mining and metals companies.