Virginia Retirement System, Richmond, disclosed commitments totaling $2.2 billion in materials for the $104.9 billion pension fund's Investment Advisory Committee meeting Wednesday.
The commitments were made between April 13 and Aug. 23.
Within private equity, VRS committed $300 million each to buyout fund GTCR Fund XIV and TA XV, a middle-market buyout fund managed by TA Associates. The pension fund also committed $200 million each to buyout fund CVC Capital Partners IX and NGP Natural Resources XIII, an energy private equity fund managed by NGP Energy Capital Management.
As of Aug. 16, the actual allocation to private equity was 18.1%; the target is 16%.
Within credit strategies, VRS dedicated $585 million to OHA Oak Hill Syndicated Loan, a fund-of-one mandate managed by Oak Hill Advisors that invests mostly in leveraged loans and high-yield bonds. VRS also terminated Beach Point Capital Management from a $628 million credit strategy that invested in broadly syndicated bank loans. The manager “no longer fit within the goals for the program,” spokeswoman Jeanne Chenault said in an email.
As of Aug. 16, the actual allocation to credit strategies was 13.8%; the target is 14%.
Within real assets, VRS committed $200 million to Global Infrastructure Partners V, a closed-end commingled fund, and $125 million to LS Power Equity Partners V, a closed-end fund managed by LS Power Group.
As of Aug. 16, the actual allocation to real assets was 13.5%; the target is 14%.
Within risk-based investments, which falls under the category of multiasset public strategies, VRS dedicated $250 million to Aksia Totsumen.
As of Aug. 16, the actual allocation to multiasset public strategies was 3.7%; the target is 4%.
