Virginia Retirement Maintains Alts Push, Adds $500M Commitment

The Virginia Retirement System (VRS) allocated a total of $500M across two private market funds, continuing a busy period of investment in alternatives, according to materials from its September 19 board meeting.

VRS committed $300M to Trident X, a private equity middle-market buyout strategy, bringing the pension’s total private equity commitments in 2024 to $2.2B, according to Dakota data. The fund also committed $200M to MV Real Estate SMA I, bringing total YTD commitments in private real estate funds to $1.2B, according to Dakota data.

The latest investments bring to a close a busy summer for VRS in the alternatives space, where it separately disclosed commitments of $1.9B in August and $1.3B in June, as previously reported by Dakota.

Per Dakota data, VRS oversees $15B in assets. As of June 30, the fund allocated approximately 17% to private equity with a target of 16%.

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