VRS approves $350m in commitments

The US public pension has backed a pair of private debt vehicles.

Institution: Virginia Retirement System
Headquarters: Richmond, United States
AUM: $82.70bn
Allocation to alternatives: 24.08%
Bitesize: $100-200m

Virginia Retirement System has agreed to $350 million-worth of private debt commitments, a contact at the pension informed Private Debt Investor. The commitments comprise of $200 million to Ares Special Opportunities Fund and $150 million to Värde Mortgage Fund III.

Ares’ vehicle is focused on acquiring distressed debt, whereas Värde’s is focused on financing commercial and residential mortgages.

As illustrated below, VRS has made five commitments to private debt funds with a 2019 vintage, which combined constitute $853650 million.

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