Virginia Retirement System commits $250m to Apollo

VRS has backed Apollo's latest debt vehicle.

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.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.