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