Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $101.8 billion
Allocation to alternatives: 24.2%
Virginia Retirement System confirmed $602.9 million in commitments across two private debt vehicles at its August 2021 investment advisory committee meeting. The firm committed $250 million to Audax Direct Lending Solution II and $352.9 million to ICG Europe VIII.
Intermediate Capital Group’s eighth fund has been in market since May of this year and is targeting $8.2 billion. Audax Group’s second direct lending solution launched in June of this year, following the final close of its predecessor at $1.65 billion in January 2019.
VRS’s private debt portfolio is housed within its credit strategies asset class, which makes up 14 percent of the pension’s full portfolio offering. As illustrated below, VRS’ recent private debt commitments have tended to target subordinate/mezzanine funds focusing on lending within North America or globally.
Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.