VRS confirms $550m in commitments

The US public pension has backed a pair of corporate direct lending vehicles.

Institution: Virginia Retirement System
Headquarters: Richmond, United States
AUM: $85.40bn
Allocation to alternatives: 23.87%
Bitesize: $100-200m

Virginia Retirement System has confirmed $550 million-worth of private debt commitments to a pair of vehicles, a contact at the pension informed Private Debt Investor. The commitments comprise of $300 million to an open-ended direct lending separate account managed by H.I.G. WhiteHorse and $250 million to Ares Management’s Pathfinder Fund.

The $85.40 billion US public pension’s private debt allocation lies within its 14.20 percent credit strategies portfolio.

As illustrated below, VRS has made seven commitments to private debt vehicles with a 2019 or 2020 vintage, which combined constitute $1.4 billion.

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