Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $101.8 billion
Allocation to alternatives: 22.4%
Virginia Retirement System confirmed $325 million-worth of commitments across two real estate vehicles at its August 2021 investment advisory committee meeting.
The commitments comprised of $250 million to Carlyle Realty Partners IX and $75 million to Artemis Real Estate Partners Income & Growth Sidecar Fund.
The Carlyle Group reached a first close earlier this year on its ninth realty fund and has $6 billion in commitments to date. Artemis Real Estate Partners’ sidecar vehicle is fundraising alongside Artemis Real Estate Partners Income & Growth Fund, which has raised $500 million of its $750 million target size since launching in April 2019.
VRS allocated 6.8 percent of its investment portfolio to private real estate as of August 2021.
As illustrated below, the $101.8 billion US public pension’s recent private real estate commitments have predominantly targeted North American opportunistic vehicles.
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