Virginia Retirement System, Richmond, committed $750 million to public equity, private equity and real asset managers, it was disclosed at a board of trustees meeting Thursday.
In public equity, the pension fund committed $250 million to Taiyo Fund, a Japanese activist equity fund managed by Taiyo Pacific Partners.
In private equity, the pension fund committed $200 million to Littlejohn Fund VI, a middle-market buyout fund managed by Littlejohn & Co.; and $200 million to Apollo Hybrid Value Fund, managed by Apollo Global Management.
In real assets, VRS committed $100 million to PetroCap Partners III, a partnership between Highland Capital Management and energy investment firm PetroCap.
The pension fund also terminated FDO Partners from $800 million in credit strategies and Epoch Investment Partners from its $574 million global equity shareholder yield strategy. Details on the reason for the terminations were not available.
The pension fund additionally reported the closing of a $272 million investment with Blue Ridge Capital, a hedge fund that closed and returned capital to investors.
As of March. 31, the $78.1 billion pension fund had an asset allocation of 41.8% public equity; 17.1% fixed income; 16% credit strategies; 13% real assets; 9.7% private equity; 2.3% its strategic opportunities portfolio, which includes infrastructure; and the rest in cash.
