Virginia Retirement System, Richmond, disclosed a total of $1.1 billion in commitments and investments, according to materials for its April 2 board of trustees meeting.
Within credit strategies, the $118 billion pension fund committed $275 million to Ares Special Opportunities Fund III, a distressed debt fund managed by Ares Management. VRS also committed $200 million to HPS Asset Value Fund III, a direct lending fund managed by HPS Investment Partners.
As of March 25, the actual allocation to credit strategies was 16.1%; the target is 15%.
Within private equity, the pension fund committed $225 million to buyout fund Bain Capital Fund XIV. VRS also committed €140 million ($152 million), to private equity fund CVC Capital Partners Strategic Opportunities III.
As of March 25, the actual allocation to private equity was 16.1%; the target is 16%.
Within real assets, the pension fund invested $250 million in Hamilton Lane VA Real Estate, a separate account focused on investments with smaller, real estate fund managers around the world.
As of March 25, the actual allocation to real assets was 12.6%; the target is 14%.
