Virginia Retirement Commits to Energy, Infrastructure Funds

By Mario Marroquin

The Virginia Retirement System recently confirmed its investments in credit strategies and real asset funds so far in 2022.

According to meeting materials from the June 23 Board of Trustees meeting, VRS has allocated $450 million towards a Magnetar Capital credit fund and $425 million across three real asset funds.

Meeting materials reveal VRS made the following commitments between May 26 and June 1:

·         $200 million toward EIG River Energy Partners LP

·         $75 million toward True Green Capital Fund IV LP

·         $150 million toward iCON Infrastructure Partners VI LP

VRS said the EIG River Energy and True Green Capital commitments have a five-year funding period, while the iCON Infrastructure fund has a six-year funding period.

Performance summary documents from VRS revealed that as of April 30, the fund saw a 3.1% return on a fiscal year-to-date basis despite negative returns in public equity strategies, fixed income and multi-asset public strategies.

Total real asset return reached 16.9% while private equity returns reached 15.1% on a fiscal year-to-date basis.

As of June 30, 2021, VRS held $104.5 billion in assets under management.