Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $92.1 billion
Allocation to alternatives: 25.3%
Virginia Retirement System confirmed $250 million-worth of commitments to a pair of real estate vehicles at its April 2021 investment advisory committee meeting, a contact at the pension informed PERE.
Penwood Select Industrial Fund VI held a final close in February 2021 at $381.5 million, raising almost $60 million more than its immediate predecessor. Harrison Street‘s eighth series opportunistic vehicle remains in market targeting $1.5 billion having held a first close at $720 million in December 2020.
VRS allocated 7.9 percent of its investment portfolio to private real estate as of 31 December 2020, the most recently available asset allocation data.
As illustrated below, the $92.1 billion US public pension’s recent private real estate commitments have predominantly targeted North American value-add and opportunistic vehicles.
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