Virginia Retirement System, Richmond, announced hires or commitments totaling $985 million to credit, private equity and real assets managers.
The $76.9 billion pension fund committed $600 million to credit strategies, $85 million to private equity and $300 million to real assets. The commitments announced at the pension fund's June 2 investment advisory committee meeting all came from cash, spokeswoman Jeanne Chenault said in an email.
In credit strategies, Virginia committed $300 million to SSG Secured Lending Opportunities III, a closed-end fund managed by SSG Capital Management focused on the Asia-Pacific region, and $300 million to Farallon Special Situations Fund, which is managed by Farallon Capital Management and is focused on opportunistic financing globally.
In real assets, Virginia committed $150 million each to Taurus Mining Finance Fund No. 2, a natural resources fund managed by Taurus Funds Management, and Stonepeak Infrastructure Partners Fund IV, which is focused on the U.S.
A private equity commitment of $85 million was made to Spectrum Equity IX, a growth fund managed by Spectrum Equity Management focused on software and information services businesses.
Separately, Virginia terminated a $178 million investment in Bridgewater Associates' Pure Alpha II, a global hedge fund. No reason for the termination was provided.
Virginia's asset allocation as of March 31 was 35.7% public equity, 16% fixed income, 14.5% real assets, 14.3% private equity, 13.8% credit strategies, 2.9% to multiasset public strategies, 1.7% to private investment partnerships and the rest in cash.
