Virginia RS Commits to Alts; Closes Low Volatility Investments

According to meeting materials from the February 8th board meeting, the Virginia Retirement System has approved five commitments to real assets, global equities, and hedge funds totaling $1.85 billion. 

In real assets, $100 million was allocated to DigitalBridge Partners Fund III. An additional $200 million was allocated to PGIM Energy Separate Account.

In global equities, $500 million was allocated to WCM Global Growth.

Two hedge fund commitments were also disclosed, $700 million was allocated to VRS BLK Global Dynamic Allocation Strategy Fund and $350 million was allocated to  MAS Global Dynamic Allocation Strategy Fund.

In addition to the new commitments, VRS provided updates on three internally managed low volatility investments.

Bearfence, a global low volatility equity strategy, was opened and funded with $5.5 billion. 

Piedmont, a non-U.S. low volatility strategy, was closed with a value of $1.6 billion. Also closed was Mobjack, a U.S. Low volatility strategy, at a value of $3.4 billion.

As of November 30, 2023, the $106.5 billion Retirement Fund currently allocates 13.2% to real assets. 9.2% of the Fund is allocated to hedge funds. Lastly, 32.3% of the Fund is allocated to public equity. 

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