The Virginia Retirement System, Richmond, disclosed a total of nearly $1.6 billion in commitments and investments, according to materials for its Feb. 6 board of trustees meeting.
Within diversifying strategies, the $118 billion pension fund invested $400 million in the Brevan Howard Opportunistic Program, a multiasset absolute return strategy. VRS also committed $250 million to Neuberger Berman Insurance Linked Strategies Fund, a closed-end fund focused on insurance-linked securities.
Within real assets, the pension fund committed $200 million to Taurus Mining Royalty Fund, a closed-end fund managed by Taurus Funds Management, and $150 million to Silver Creek Aggregate Reserves Fund I, a closed-end fund managed by Silver Creek Capital Management.
Also within real assets, VRS committed $100 million to PetroCap Partners IV, a closed-end fund investing in oil and gas managed by PetroCap. VRS previously committed $100 million to PetroCap Partners III back in 2018.
Within private equity, the pension fund committed $200 million to Peak Rock Capital Fund IV, a buyout fund managed by PeakRock Capital, and $75 million to GTCR Strategic Growth Fund II, a mid-market buyout fund managed by GTCR. VRS previously committed $40 million to GTCR Strategic Growth Fund I in 2021.
Within credit strategies, the fund committed $200 million to Audax Direct Lending Solutions Fund III, a direct lending fund managed by Audax Private Debt.
The pension fund terminated Orchard Global Asset Management from a $150 million credit hedge fund and Nitorum Capital from an $87 million long/short equity hedge fund. When asked why VRS made the terminations, a VRS spokesperson said in an email that they "no longer fit within the objectives for the portfolio."
