Virginia Retirement System, Richmond, announced numerous recent hires and commitments at the Tuesday meeting of the $78.6 billion pension fund's investment advisory committee.
In its dynamic strategies asset class, Virginia committed $350 million each to BlackRock (BLK), J.P. Morgan Asset Management (JPM) and Morgan Stanley (MS) Investment Management for their global tactical asset allocation, a multiasset, public market mandate.
The pension fund invested $300 million in a global equity long/short hedge fund managed by SEG Partners and terminated Clough Investment Partners, a global long/short equity hedge fund managed by Clough Capital Partners whose portfolio was valued at $210 million. Officials at the pension fund couldn't be reached for information on why Clough was terminated.
In credit strategies, Virginia committed $150 million each to Orchard Global Asset Management's Taiga Special Opportunities Fund and TPG's TSSP Opportunities Partners IV, a fund investing in corporate distressed and other situations.
Real asset commitments consisted of $100 million each to BlackRock Global & Power Energy Infrastructure Fund III and IFM Infrastructure Debt Fund, managed by IFM Investors; $75 million to Artemis Real Estate Partners Fund III; $52 million to Fortress Japan Opportunity Fund IV, managed by Fortress Investment Group; and $50 million to GMO Mining Separate Account, managed by Grantham, Mayo, Van Otterloo & Co.
In private equity, the pension fund committed $200 million to Audax Private Equity Fund VI, managed by Audax Group; $100 million to HarbourVest Partners Co-Investment Fund V; $94 million to Bain Capital Europe V, a large-market buyout fund; $30 million to ABRY Advanced Securities Fund IV, a leveraged debt fund focused on middle-market communications and business services company and managed by ABRY Partners; and $13 million to Matrix Partners XI, an early-stage venture capital fund targeting technology.
As of June 30, the pension fund's asset allocation was 41% public equity, 16.2% fixed income, 16.1% credit strategies, 13.5% real assets, 10% private equity, 2.4% strategic opportunities portfolio and the rest in cash.