VRS confirms $150m commitment

The US public pension has backed KKR's second RECOP fund.

Institution: Virginia Retirement System
Headquarters: Richmond, United States
AUM: $80.40bn
Allocation to alternatives: 26.20%
Bitesize: $100-200m

Virginia Retirement System (VRS) has approved a $150 million commitment to KKR Real Estate Credit Opportunities II, a contact at the pension informed Private Debt Investor. KKR’s newest real estate debt fund launched in March is focusing on the origination of subordinated / mezzanine debt.

The $80.40 billion US public pension has a 2.72 percent allocation to private debt.

As illustrated in the charts below, this is VRS’ first commitment to a private debt fund with a 2019 vintage. The pension previously made four commitments to 2018 vintage private debt funds, totalling $750 million.

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