Virginia Retirement System, Richmond, hired Brinson Partners to collect information on, and compile a database of, all private equity firms with offices in Virginia. The study is in response to a request from the Legislature that the $22 billion pension fund make its best efforts to invest in Virginia-based venture capital firms.
The pension fund intends to report Brinson's findings to the state General Assembly in January. According to the latest figures collected by VRS, there are only 10 venture capital firms operating in the state.
Although the fund opposes any state or federal directives on investing, the fund is conducting the study ``to do an even better job in that it will provide us with the latest factual information on which to base our investment decisions,'' said Erwin C. Will Jr., CIO.