Virginia Retirement System, Richmond, disclosed new manager hires and commitments totaling $1.36 billion in a transaction report included in Tuesday's board meeting materials.
Within its credit strategies asset class, the $83.8 billion pension fund committed $200 million to Audax Mezzanine V, a middle-market private equity fund managed by Audax Group, and $300 million to Ares Capital Europe V, a closed-end fund providing direct capital to European middle-market companies managed by Ares Management Corp.
In private equity, VRS committed $225 million to Bain Capital Fund XIII, a buyout fund.
Within real assets, Virginia committed $500 million to Montalto, an internally managed non-U.S. passive real estate investment trust strategy, and $135 million to Carson/VA Industrial J/V III, a joint venture with Carson Cos. investing in industrial warehouse properties.
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.
