Institution: Virginia Retirement System
Headquarters: Richmond, United States
Allocation to alternatives: 26.20%
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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