The Virginia Retirement System, Richmond, returned 27.5% return for the fiscal year ended June 30, exceeding its 25.3% benchmark and surpassing $100 billion in assets, it said Thursday in a news release.
The $101.8 billion pension fund registered one of its strongest return years, well above the 6.75% annual assumed rate of return. More importantly, said CIO Ronald D. Schmitz, it also exceeded the assumed rate of return for the three- five- and 10-year periods.
"We were in position to take advantage of conditions in the public equity, private equity and private credit arenas, as well as our other asset classes. We also kept focus on our long-term investment strategy, pursuing broad opportunities and optimal returns while balancing risk to deliver high value to the fund," Mr. Schmitz said in the release.
Top performers during fiscal year 2021 were private equity at 54.1%, public equity at 41%, private investment partnerships at 30.8%, multiasset public strategies at 20.4% and credit strategies at 18.4%. Real assets returned 11.3% and fixed income returned 3.3%.
Asset allocation as of March 31 was 39.2% public equity, 14.6% private equity, 13.7% fixed income, 13.6% credit strategies, 12.2% real assets and 1.8% cash, plus 4.9% in private investment partnerships and multiasset public strategies.
