Virginia Retirement System, Richmond, committed $615 million, including $365 million to private equity, investment officials announced at a board meeting Tuesday.
In private equity, VRS committed $200 million to HarbourVest Partners for a co-investment fund; $100 million to Madison Dearborn Capital Partners VII, a buyout and growth equity fund managed by Madison Dearborn Partners that will invest mainly in companies in North America; $50 million to Vista Foundation Fund III, managed by Vista Equity Partners, and $15 million to ABRY Heritage Partners, a small-cap buyout fund managed by ABRY Partners.
Another $250 million from VRS' Innovation Fund was invested with hedge fund manager Farallon Capital Management. Part of VRS' strategic opportunity program that looks for new sources of return and new ways to look at risk, the Innovation Fund is oriented more toward public markets.
The $68.1 billion pension fund had an asset allocation as of June 30 of 39.8% public equity, 18.4% credit strategies, 17.6% fixed income, 12.9% real assets, 7.6% private equity, 1.9% cash and the rest in strategic opportunities.
