Virginia Retirement Commits $865M to Alts; Terminates 2 Strategies

The Virginia Retirement System disclosed five recent commitments to alternatives totaling $865 million, according to materials from the November Investment Advisory Committee (IAC) Meeting.

In real estate, $125 million was allocated to the Meadow Real Estate Fund VI and $50 million to Realterm Logistics Income Fund.

Within private equity, $250 million was allocated to Whitehorse Liquidity Partners VI.

In private credit, $240 million was allocated to Park Square Capital Partners V. And $200 million was committed to the Saba Arcadia Fund, a multi-asset hedge fund managed by Saba Capital.

Additionally, the IAC terminated the Schroders mandate investing in securitized and direct real estate debt investments with a redemption amount of $140 million. The Advent Global Convertibles account was also terminated with a redemption amount of $195 million. 

As of September 30, 2023, the $105 billion pension fund has allocated 18.8% of their holdings to private equity with a target allocation of 16%. Approximately 13.6% of their holdings have been allocated to real assets, with a target allocation of 14%. And approximately 14.2% of their holdings have been allocated to credit strategies with a target of 14%.

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