Virginia Retirement System, Richmond, returned a net 6.7% in its fiscal year ended June 30, the $82.3 billion pension fund reported Monday.
The one-year return was close to the 7% assumed rate of return, and Chief Investment Officer Ronald D. Schmitz said in a statement that he was pleased with the pension fund's overall performance and resilience, "especially considering the volatility of domestic and global markets during the past year."
VRS' long-term strategic objective to increase exposure to private markets "helped offset the more moderate returns in traditional stocks and bonds," said Mitchell L. Nason, board chairman, in the statement.
VRS' annualized returns net of fees for multiyear periods ended June 30 were 8.8% for three years, 6.5% for five years, and 9.4% for 10 years.
The pension fund returned a net 7.5% for the fiscal year ended June 30, 2018.