Virginia Retirement System Commits $300M to RE, PE Funds

The Virginia Retirement System committed a total of $300M to a real estate opportunistic fund and a global private equity co-investment strategy.

According to materials from its November 14 board meeting, QuadCP Fund II received a $200M commitment from the pension fund, while Harbourvest Co-Investment Fund VII received $100M. The pension had previously committed the same amounts to the predecessors of both funds: QuadCP Fund I in 2022, and Harbourvest Co-Investment Fund VI in 2021, per Dakota data. 

As of September 30, the Virginia Retirement System said its private equity exposure is at $19B, representing a current allocation of 16.2% and slightly overweight against the 16% policy target. Meanwhile, its real assets exposure stands at $14.4B, with a current allocation of 12.3% against a 14% policy target. 

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