Virginia Retirement Discloses Real Estate and Private Equity Commitments

The Virginia Retirement System has disclosed several new investments made in recent in June and July, as show in meeting materials from the August 18 board meeting.

In real estate, $250 million was committed to opportunistic fund, Blackstone Real Estate Partners X.

Within private equity, 11 new commitments were made.

$40 million was committed to Matrix Partners II, an early state, technology focused venture capital fund.

$200 million was committed to buyout fund, Advent International GPE X. The Fund will target North American and European markets.

$200 million was committed to buyout fund Apax XI. Apax XI targets companies in market sub-sectors with substantial growth tailwinds.

Middle market buyout fund, Audax Private Equity Fund VII was given a $200 million commitment. 

$175 million was committed to buyout fund Green Equity Investors IX. 

$100 million was committed to Thoma Bravo XV. The buyout fund targets businesses that provide application, infrastructure and security software products, and/or technology enabled services.

Veritas Capital Fund VIII was given a $150 million commitment. Fund VIII focuses on companies that provide technology-enabled solutions to government and commercial customers.

Apollo Investment Fund X was given a $200 million commitment. The Fund invests in opportunistic buyouts, corporate carve-outs, and distressed investments. 

$150 million was committed to HIG Advantage Buyout Fund II, a middle market buyout fund. Fund II targets investments in stable North American companies. 

$100 million was committed to Vista Equity Partners Fund VIII. The Fund makes control investments in enterprise software companies. 

€120 million was committed to European middle market buyout fund, Bain Capital Europe VI. 

As of June 30, 2022, the $101 billion Retirement System has an actual and target allocation to real assets of 15.1% and 14% respectively. The actual and target allocation to private equity was 18.8% and 14% respectively.

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