Virginia Retirement System, Richmond, disclosed commitments totaling $275 million, according to materials for the $104.2 billion pension fund's Sept. 21 board meeting.
The commitments were made between June 16 and Sept. 21.
Within credit strategies, VRS committed $150 million to Orchard Global EleganTree III, a closed-end fund managed by Orchard Global Asset Management. The pension fund also terminated Schroders from a $140 million credit strategy investing in both securitized and direct real estate debt investments.
As of Sept. 7, the actual allocation to credit strategies was 13.4%; the target is 14%.
Within real assets, the Virginia Retirement System committed $125 million to Meadow Real Estate Fund VI, a real estate opportunistic fund managed by Meadow Partners.
As of Sept. 7, the actual allocation to real assets was 13.6%; the target is 14%.
Within public equity, VRS terminated Advent Capital Management from a $195 million global convertibles strategy.
"These investments no longer fit within the strategy for the fund," Jeanne Chenault, the pension fund's spokesperson, said in an email about the two terminations.
As of Sept. 7, the actual allocation to public equity was 32.3%; the target is 34%.
