Virginia Retirement System, Richmond, hired LSV Asset Management to run $150 million in a U.S. small-cap value equity strategy and committed $1.3 billion to credit strategies, private equity and real assets.
The biggest commitment was $1 billion to Antares Capital for a U.S. middle-market direct lending strategy. VRS spokeswoman Jeanne Chenault said that amount is likely to be deployed over four years, with only 10% to 30% of the total commitment likely to be funded at any one time.
In private equity, the $76 billion pension fund committed $250 million to Audax Direct Lending Solutions for a unitranche and stretch senior loan origination fund managed by Audax Group primarily for U.S. middle-market buyout transactions.
Another $60 million was committed to the Stonepeak Infrastructure Fund III, a U.S.-focused closed-end infrastructure fund managed by Stonepeak Infrastructure Partners.