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VRS agrees $150m commitment

The US public pension has backed Värde's third commercial and residential mortgage fund.

Institution: Virginia Retirement System
Headquarters: Richmond, United States
AUM: $82.70bn
Allocation to alternatives: 24.08%
Bitesize: $100-200m

Virginia Retirement System has approved a $150 million commitment to Värde Mortgage Fund III, a contact at the pension informed PERE. The fund’s predecessor held a final close in April 2018 at $750 million.

The $82.70 billion US public pension has an 8.38 percent allocation to real estate.

As illustrated below, Värde Mortgage Fund III marks VRS’ third commitment to a 2019-vintage real estate fund. The pension previous commitments include €75 million to Europa Capital’s Fund VI and $150 million to KKR’s Real Estate Credit Opportunities Partners II (RECOP II).

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