By Muskan Arora
The $116.1bn Virginia Retirement System disclosed
new commitments worth $737.5m within its credit strategies, diversifying
strategies and real assets portfolio.
The outperformance of the credit strategies
for 1-year return at 11.6% against a target of 11.1% gave the pension plan to
make the biggest commitment of the previous month to the sleeve.
VRS committed $500m to Apollo Libra, a
closed-end fund focused on opportunistic credit.
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As of October 8, the allocation to credit
strategies was at 15.4% against a target of 14%.
With the real assets sleeve, the pension
plan committed $200m to AMLI Residential III, a joint venture with an
experienced apartment operator focused on core, class A properties in select
target markets in the U.S.
VRS allocates 12.4% to its real assets
sleeve, against a target of 14%, as of October 8.
The real assets sleeve had a negative
return of -2.9% against a benchmark of -4.9% for its 1-year return.
The pension plan noted an underperformance in
the diversifying strategies sleeve with the 1-year return being at 7.8% against
a benchmark of 9.5%.
This ignited the commitment of $37.5m to
NISA Alpha Strategies, a multi-asset absolute return strategy.
As of October 8, the actual allocation to diversifying
strategies is at 3.3% against a target of 4%.
