Virginia Retirement System approves $150m commitment

The US public pension has backed a value-add private real estate vehicle.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $103.2 billion

Virginia Retirement System approved a $150 million commitment to a private real estate fund managed by Crow Holdings Capital at its October investment advisory committee meeting.

The pension is investing in Crow Holdings Realty Partners IX, a vehicle that targets value-add opportunities across multiple sectors in North America.

VRS has a 14 percent target allocation for real assets, which includes a 7.1 percent allocation as of October.

As illustrated below, the $103.2 billion US public pension’s recent real estate commitments have concentrated on North American vehicles across a variety of strategies and sectors.

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