Virginia Retirement System, Richmond, disclosed new commitments totaling $1.25 billion in a transaction report included in Thursday's board meeting materials.
Within its credit strategies asset class, the $83.8 billion pension fund committed $1 billion to Carlyle Diversified Credit, a fund managed by Carlyle Group that is to focus on private credit investments.
In private equity, VRS committed $200 million to Virginia Asia Investors III, a separate account with Asia Alternatives Management's private equity fund of funds.
Within real assets, Virginia committed $50 million to Apollo U.S. Real Estate Fund III, managed by Apollo Global Management.
The fund also terminated a $150 million commitment with New Mountain Vantage, a long/short equity hedge fund managed by New Mountain Capital. The investment no longer fit within the portfolio objective, VRS spokeswoman Jeanne Chenault said in an email.
The current asset allocation is 37.2% public equity, 16.8% fixed income, 13.8% credit strategies, 13.8% real assets, 12.5% private equity, 1.5% private investment, 3% multiasset public strategies and 1.5% cash, as of June 30.