Virginia Retirement System, Richmond, committed $396.4 million to three managers, investment officials announced at a board meeting Wednesday.
The pension fund committed $250 million to Beach Point Capital Opportunity Fund III A/B, an opportunistic credit fund managed by Beach Point Capital Management.
In private equity, VRS committed $120 million to First Reserve Upstream Annex Fund, and $26.4 million to ABRY Senior Equity V, a mezzanine fund managed by ABRY Partners.
The allocations will all be funded through cash, spokeswoman Jeanne Chenault said.
The $69 billion pension fund had an asset allocation as of Sept. 30 of 40.9% public equity, 18.6% credit strategies, 17.4% fixed income, 12.8% real assets, 7.8% private equity, 2.1% in strategic opportunities and the rest in cash.