Virginia Retirement System, Richmond, disclosed new manager hires and commitments totaling $2 billion in a transaction report included in Wednesday's board meeting materials.
Within its credit strategies asset class, the $83.8 billion pension fund committed $750 million to Aksia Private Credit, a private credit fund of funds, $300 million to Oaktree Opportunities Fund XI, a distressed debt fund managed by Oaktree Capital Management, and $275 million to Prudential Capital Partners VI, a middle-market mezzanine fund.
As of June 30, the actual allocation to credit strategies was 13.8%.
In private equity, VRS committed €200 million ($236 million) to European buyout fund CVC Capital Partners VIII, $150 million to buyout fund Thoma Bravo XIV, $125 million to KKR Asian Fund IV, a buyout fund managed by KKR & Co., and $45 million to buyout fund H.I.G. Capital Partners VI.
As of June 30, the actual allocation to private equity was 12.5%.
Within fixed income, VRS hired Man Numeric to run $100 million in systematic high-yield fixed income. The funding source was not disclosed.
As of June 30, the actual allocation to fixed income was 16.7%.
Within real assets, the pension fund terminated Morgan Stanley Investment Management from a $500 million international real estate investment trust strategy and moved the assets to an internally managed passive international REIT strategy.
Within public equities, the pension fund terminated Highline Capital Partners from a $300 million long/short equity hedge fund portfolio.
As of June 30, the actual allocations to public equities and public real estate were 37.2% and 1.4%, respectively.
The reasons for the terminations were not provided.
VRS spokeswoman Jeanne Chenault was not immediately available to provide further information.
