Virginia Retirement Commits $325M to Real Estate, Reviews 2025 Targets

The Virginia Retirement System committed $325M to three real estate strategies and is considering a slight increase to its credit target allocation for 2025.

The pension disclosed in December 12 meeting materials that it allocated $150M to Pretium Homebuilder Finance Fund, as well as $125M to Artemis Income & Growth Fund II alongside an additional $50M to its separately managed account. The deals were closed on October 9 for the Pretium fund and November 20 for the Artemis funds.

VRS also said it is looking to make a small adjustment in its 2025 allocation structure, following a proposal to increase allocation to credit strategies from 14% to 15% for the coming year. Meanwhile, 2025 targets for all other asset class allocations would remain unchanged: 33% for public equity; 16% for both private equity and fixed income; 14% for real assets; 4% for diversifying strategies; and 2% for both cash and private investment partnerships.