Key Takeaways
- • Virginia Retirement System (VRS) earmarked a total of $564.3 million across private equity and other asset classes, according to an emailed investment update reported by Pensions & Investments.
- • VRS committed $150 million to NGP Natural Resources XIV, an upstream and midstream energy fund managed by NGP Energy Management, within its private equity allocation.
- • The $136.4 billion pension fund committed $100 million to ICONIQ Strategic Partners VIII and $50 million to the Cap91 CV Sleeve, managed by Cap91 Partners Management.
- • As of Oct. 27, VRS's private equity allocation stood at 14.6% against a 15% target, and its real assets allocation at 13.5% against a 14% target.
- • VRS committed €125 million (about $139.3 million) to Igneo Infrastructure Partners' European Diversified Infrastructure Fund IV and invested $125 million across two Irenic Capital Management co-investment vehicles.
Summary
Virginia Retirement System, Richmond, earmarked a total of $564.3 million for private equity and several of its other asset classes, according to an emailed update of investments and terminations reported by Pensions & Investments. The $136.4 billion pension fund's commitments span private equity, real assets, its exposure management portfolio and diversifying strategies.
Within private equity, VRS committed $150 million to NGP Natural Resources XIV, a fund managed by NGP Energy Management that invests in upstream and midstream energy sectors, including hydrocarbons. The pension fund also committed $100 million to ICONIQ Strategic Partners VIII, a growth and expansion fund managed by ICONIQ Capital, and $50 million to Cap91 CV Sleeve, a buyout fund managed by Cap91 Partners Management. As of Oct. 27, the fund's actual private equity allocation was 14.6%, below its 15% target.
Within real assets, VRS committed €125 million, or about $139.3 million, to European Diversified Infrastructure Fund IV, an infrastructure core fund managed by Igneo Infrastructure Partners. As of Oct. 27, the real assets allocation was 13.5%, against a 14% target.
VRS also invested $100 million in Irenic Vantage EMP, a co-investment vehicle from Irenic Capital Management, within its exposure management portfolio, where the actual allocation was 0.8% against a 0% target as of Oct. 27. Within diversifying strategies, the pension fund invested $25 million in Irenic Vantage DS, another Irenic co-investment vehicle. The diversifying strategies allocation stood at 6.2% against a 6% target.
Note on figures: the publisher summary cites a $546.3 million total, while the headline and the sum of the disclosed commitments indicate $564.3 million; the commitments listed in the update total $564.3 million.
Within private equity, VRS committed $150 million to NGP Natural Resources XIV, a fund managed by NGP Energy Management that invests in upstream and midstream energy sectors, including hydrocarbons. The pension fund also committed $100 million to ICONIQ Strategic Partners VIII, a growth and expansion fund managed by ICONIQ Capital, and $50 million to Cap91 CV Sleeve, a buyout fund managed by Cap91 Partners Management. As of Oct. 27, the fund's actual private equity allocation was 14.6%, below its 15% target.
Within real assets, VRS committed €125 million, or about $139.3 million, to European Diversified Infrastructure Fund IV, an infrastructure core fund managed by Igneo Infrastructure Partners. As of Oct. 27, the real assets allocation was 13.5%, against a 14% target.
VRS also invested $100 million in Irenic Vantage EMP, a co-investment vehicle from Irenic Capital Management, within its exposure management portfolio, where the actual allocation was 0.8% against a 0% target as of Oct. 27. Within diversifying strategies, the pension fund invested $25 million in Irenic Vantage DS, another Irenic co-investment vehicle. The diversifying strategies allocation stood at 6.2% against a 6% target.
Note on figures: the publisher summary cites a $546.3 million total, while the headline and the sum of the disclosed commitments indicate $564.3 million; the commitments listed in the update total $564.3 million.
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