Virginia Retirement System Commits up to $1.6B to Alternatives

The Virginia Retirement System has committed approximately $1.6 billion in 7 new commitments, according to meeting materials from the April 12 board meeting.

$125 million was committed to Penwood Select Industrial Partners VII, a value-add fund managed by Penwood Real Estate Investment Management. $350 million was committed to Pantheon Infrastructure III, a infrastructure fund managed by Pantheon Ventures. $300 million was committed to the private equity fund, Hellman & Friedman XI, managed by Hellman & Friedman.

Within private credit, $400 million was committed to two funds managed by Ares Capital Management; $150 million was committed to Ares Capital Europe VI, and $250 was committed to Ares Pathfinder II Fund. In addition, $150 million was allocated to Oaktree Opportunities Fund XII. Lastly, $250 million was allocated to Oak Street Real Estate Capital VI.

As of December 31, 2022, the retirement system was valued at approximately $100.3 billion.

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