Virginia Retirement Commits $350M Across Two Alternative Funds; Terminates Bond Manager

The Virginia Retirement System has disclosed two commitments totaling up to $350 million,

$250 million was committed to Apollo European Principal Finance Fund IV. The Apollo credit fund will target asset-backed investment opportunities in Europe. In addition, $100 million was committed to real assets fund, Antin Infrastructure Partners V. The fund will invest in infrastructure deals in Europe and the US markets.

As of August 31, 2022, the $101.6 billion pension fund had an actual and target allocation to credit strategies of 14.5% and 14% respectively. The actual and target allocation to real assets was 15% and 14% respectively.

Also, according to materials from the October 18 board meeting, the PIMCO High Yield separate account was terminated effective September 30, 2022. The value of the fund at termination was approximately $510 million.

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