VRS approves $300m commitment

The US public pension has backed Ares' second private credit solutions vehicle.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $85.10 billion
Allocation to alternatives: 24.2%

Virginia Retirement System confirmed a $300 million commitment to Ares Private Credit Solutions II at its December 2020 board meeting, a contact at the pension informed Private Debt Investor.

Ares Management’s second private credit solutions vehicle is in market targeting $4 billion in equity capital. The fund’s predecessor held a final close on $3.4 billion in December 2017.

VRS’s private debt portfolio is housed within its credit strategies asset class, which makes up 13.8 percent of the pension’s full portfolio offering.

As illustrated below, VRS’ recent private debt commitments have tended to target senior debt funds focused on lending within North America or globally.

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