Virginia Retirement Adds $737.5M in Alts Commitments

The Virginia Retirement System (VRS) approved $737.5M in commitments across three alternative investment funds at its October 16th meeting, per meeting materials.

The VRS allocated $500M to Apollo Libra, a separately managed, closed-end fund focused on opportunistic private credit. The investment closed on September 24 and will be funded over a three-year period.

A $37.5M allocation was made to NISA Alpha Strategies, a hedge fund running a multi-asset absolute return strategy. The investment closed on September 20 with an immediate funding period.

Lastly, in real assets, the VRS committed $200M to AMLI Residential III over a three-year funding period. The opportunistic fund strategy is a joint venture with an experienced apartment operator focused on core real estate properties in the US.

According to its August 31 asset allocation report, VRS has a total market value of $116.1B, allocating 14.9% to credit strategies and 12.4% to real assets.

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