The Virginia Retirement System, with $50 billion in assets, recently committed $50 million to TSG Consumer Partners VI, which will invest in mid-market branded consumer product companies.
TSG VI closed in late November on $1.3 billion after only 60 days in the market. The firm, which has offices in San Francisco and New York, brought back the bulk of its existing limited partners and also attracted a few new investors to the fund. As part of its fundraising, which the firm accomplished without the use of a placement agent, TSG was able to broaden the geographic make-up of its limited partner base, TSG managing director Jamie O’Hara told Private Equity International earlier this month.
Virginia’s private equity programme is valued at about $4.9 billion, with an actual allocation of 10 percent, as of 30 September. The pension hired Ron Schmitz, former chief investment officer for the Oregon State Treasury, as its new CIO in September. Schmitz official start date was 31 October.
In addition to private equity, Virginia has a credit strategies programme, which holds about $5.1 billion in investments. The credit programme has an actual allocation of 10.2 percent.
Virginia’s private equity fund investments generated a 15.1 year-to-date percent return as of 30 September, according to the pension’s most recent investment report. The pension’s private equity performance for the 12 month period ending 30 September was 19.9 percent, while its three-year and five-year private equity returns were 4 percent and 10.4 percent, respectively.