Virginia Retirement System, Richmond, disclosed new manager hires, fund commitments and hedge fund investments totaling $2.55 billion.
The $98 billion pension fund disclosed the transactions, which were effective between June 10 and Sept. 21, in meeting materials for its board meeting Tuesday.
In its credit strategies asset class, the pension fund committed €300 million ($352 million) to ICG Europe Fund VIII, a closed-end fund targeting European middle-market equity and debt investments managed by Intermediate Capital Group.
As of June 30, the actual allocation to credit strategies was 14%.
In private equity, VRS committed $300 million to TA XIV and $50 million to TA Select Opportunities II, both growth equity funds managed by TA Associates; $250 million each to Audax Direct Lending Solutions Fund II, a middle-market and lower middle-market senior direct lending fund managed by Audax Group, and buyout fund Hellman & Friedman Capital Partners X; $175 million to Quad-C Partners X, a middle-market private equity fund managed by Quad-C Management; $100 million each to Apax Digital Fund II, a global buyout fund managed by Apax Partners, private equity co-investment fund HarbourVest Partners Co-Investment VI, and Insight Venture Partners XII, a growth equity fund managed by Insight Partners; $35 million to Spectrum Equity Select Opportunities, a growth equity fund managed by Spectrum Equity Management; and $25 million to Advent Global Technology II, a buyout fund managed by Advent International.
As of June 30, the actual allocation to private equity was 15.6%.
Within its public equities asset class, the pension fund made a direct hedge fund investment of $250 million in Farallon Healthcare Partners, a long/short equity fund managed by Farallon Capital Management.
As of June 30, the actual allocation to public equities was 37.1%.
Within real assets, VRS committed $250 million to Carlyle Realty Partners IX, an opportunistic real estate fund managed by The Carlyle Group; €75 million to Antin Infrastructure Partners Mid-Cap I, a midcap infrastructure fund investing in both Europe and the U.S.; and $75 million to core-plus real estate fund Artemis Real Estate Partners Income & Growth Sidecar Fund.
As of June 30, the actual allocation to real assets was 11.9%.
Also, the pension fund invested $100 million in Orchard Liquid Credit Fund, a credit hedge fund managed by Orchard Global Capital Group, which it classified as a risk-based investment, and also hired Schroders to run $50 million in its Schroder Global Climate Change strategy, a long-only global equity strategy investing across climate-related themes, which it classified as a dynamic strategies investment.
