Virginia Retirement Commits $1.5B to Alts, Ends Nitorum, Orchard Investments

The Virginia Retirement System made $1.5B in total commitments to eight funds in private equity, private credit, real assets, and absolute return, while liquidating two investments from its portfolio.

According to materials from its February 6 board meeting, the pension allocated $200M to Peak Rock Capital IV, $100M to PetroCap Partners Fund IV, and $75M to GTCR Strategic Growth Fund II in private equity. In private credit, Virginia committed $250M to Neuberger Berman Insurance Linked Strategies Fund and $200M to Audax Direct Lending Solutions III. The pension additionally allocated $200M to Taurus Mining Royalty Fund and $150M to Silver Creek Aggregate Reserves Fund I under its real assets program, while also investing in absolute return fund Brevan Howard Opportunistic Program with a $400M allocation.

Alongside its recent commitments, Virginia Retirement terminated its investments in the Nitorum Fund and the Orchard Liquid Credit Fund. At the time of termination, the Nitorum Fund investment was valued at $87M, while the Orchard opportunistic credit strategy was valued at $150M.

Per the latest Dakota data, the state pension administers a total portfolio of approximately $117.2B in plan assets.