VRS announces $325m in real estate commitments

Virginia Retirement System announces new commitments to two real estate funds.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $102.5 billion
Allocation to Real estate: 9.1%

Virginia Retirement System has announced new commitments of $325 million to private real estate vehicles.

The public pension fund committed $125 million to Westbrook Real Estate Fund XII and $200 million to Carson JV IV.

Westbrook Partners 12th real estate fund is a diversified value-add vehicle that invests in North America, Western Europe and Asia-Pacific regions. The fund has a target size of $2.95 billion with its predecessor holding a final close at $2.51 billion.

Carson JV IV, which is managed by Carson Private Capital, is an industrial opportunistic fund that focuses on the Middle East and North Africa.

Virginia Retirement System has a current allocation to real estate that sits at 9.1 percent of the pension fund’s $102.5 billion investment portfolio.

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