By Muskan Arora
The $113bn Virginia Retirement System has recently made a total of $575m commitment to its real assets portfolio, and $300m commitment to its private equity sleeve, most recently.
The system returned 11.5%, 7.1% and 9.1% for its 1, 3 and 5-year time period against a benchmark of 12.8%, 4.6% and 7.6% respectively.
Within its real assets portfolio, the system committed $150m to Pretium Single Family Rental Fund VI, a closed-end fund. The commingled fund focuses exclusively on newly built, built to rent single family homes across the US.
The second commitment made by the system is $225m to IPI Partners Fund III, a closed end commingled fund. The fund focuses on investing in data centers globally, as per the June meeting materials.
Earlier in May, the system committed $200m to Resource Capital Mining Separate Account which focuses on global mining equity and debt investments.
The system allocates 12.5% or $14.1m to its real assets sleeve against a target of 15$, as of March 31.
The real assets portfolio returned -3.3%, 7.8% and 6.6% for its 1,3 and 5-year time period against a benchmark of -6.3%, 4.6% and 4.3% respectively.
Within its private equity sleeve, VRS committed $50m to H.I.G. LBO VII, a middle market fund focusing on investments in businesses involving transactional or corporate complexity.
Earlier in May, the system had committed $250m to Veritas Capital Fund IX, a US focused middle market fund.
The fund invests in businesses providing products, software, and services primarily technology or technology-enabled solutions to government and commercial customers worldwide.
The system allocates 17.2% or $19.4m against a target of 16%, as of March 31.
Private equity portfolio returned 7.7%, 14.3% and 16.6% for its 1, 3, and 5-year time period against a benchmark of 22.7%, 6.2% and 13.1% respectively.
