Virginia Retirement System commits $250m to Apollo

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $97 billion

Virginia Retirement System has confirmed it committed $250 million to Apollo Global Management‘s latest finance fund in April 2022, according to its October Board of Trustees committee meeting.

Apollo European Principal Finance Fund IV is a private equity debt fund that targets the financial services sector in Western Europe. The fund was launched in late 2021, following fund III, which closed in 2017 on $4.6 billion.

VRS’s credit strategy portfolio allocation currently stands at 14.9 percent – overallocated to a target of 14 percent. The value of the portfolio is $14.5 billion. The pension typically invests in the corporate sector with distressed debt, as illustrated below.

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