Virginia Retirement System, Richmond, disclosed manager hires and commitments totaling $1.9 billion.
The $102.5 billion pension fund disclosed investment staff transactions completed between Nov. 30 and April 12 in materials for its April 12 board meeting.
Within credit strategies, VRS committed $250 million to Ares Pathfinder II Fund, an alternative credit fund managed by Ares Management, and $250 million to Oak Street Real Estate Capital Fund VI. The pension fund also committed $150 million to Ares Capital Europe VI, and $150 million to Oaktree Opportunities Fund XII.
As of April 6, the actual allocation to credit strategies was 13.8%; the target is 14%.
Within real assets, VRS dedicated $350 million to Pantheon Global Infrastructure Fund III and $125 million to Penwood Select Industrial Partners VII, a real estate value-added fund managed by Penwood Real Estate Investment Management.
As of April 6, the actual allocation to real assets was 13.8%; the target is 14%.
Within private equity, VRS dedicated $300 million to Hellman & Friedman Capital Partners XI.
As of April 6, the actual allocation to private equity was 18%; the target is 16%.
Within risk-based investments, which falls under the category of multiasset public strategies, VRS hired Man AHL to run $300 million in a customized portfolio of trend following strategies, and the funding came from cash. VRS also terminated AQR Capital Management from a $159 million risk parity portfolio, as the investment "no longer fit within the goals for the portfolio," VRS Public Relations Director Jeanne Chenault said in an email.
As of April 6, the actual allocation to multiasset public strategies was 3.4%; the target is 4%.
