Virginia Retirement System Allocates $1.9B to Alts

According to August 14 meeting materials, the Virginia Retirement System approved seven commitments to alternative investment strategies including real estate, private equity, and multi asset funds. 

$45 million was allocated to Affinius US Eagle Real Estate Fund, an open-end fund focused on diversified and enhanced core real estate within the US. 

Also in real estate, $150 million was allocated to Carlyle Realty Fund X, a closed-end fund focused on diversified opportunistic real estate within the US. 

Four commitments were made to private equity funds, including a $200 million allocation to ​​EnCap Energy Capital Fund XII. The middle market buyout strategy is focused on upstream oil and gas in the US. 

$250 million was allocated to US middle market buyout fund Olympus Growth VIII. Effective June 24, the fund focuses on sound businesses with potential for growth or operational improvement. 

Also in private equity, $750 million was allocated to GCM Grosvenor VRS VI, a separate account for investing in smaller market buyout and growth equity funds in the US and Europe. 

An additional $250 million was allocated to Thoma Bravo XVI, a software industry focused mega buyout fund. 

Lastly, $200 million was allocated to a multi-asset absolute return portfolio, PineBridge Global Dynamic Asset Allocation.

As of June 30, 2024, the Retirement System was valued at $114.6 billion.

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