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Virginia Retirement System approves $200m commitment

The US public pension has backed Blackstone's ninth Real Estate Partners fund.

Institution: Virginia Retirement System
Headquarters: Richmond, United States
AUM: $80.20bn
Allocation to alternatives: 25.26%

Virginia Retirement System (VRS) has agreed to commit $200 million to Blackstone Real Estate Partners Fund IX ahead of its anticipated final close in Q1 2019, a contact at the pension informed PERE. This is the sixth fund in the series VRS has committed to, with the pension also having previously committed to Blackstone Real Estate Partners IV through VIII.

The $80.2 billion US public pension has a 8.2 percent allocation to private real estate.

As illustrated in the charts below, VRS made five commitments to real estate funds in 2017 and 2018 totalling $577 million. Three of these funds are opportunistic in nature, one is value-add and one is a real estate debt fund.

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