Investor News

News, deals and announcements from investor community about digital infrastructure

Melody Wireless Infrastructure logo

Diamond Communications to Acquire Melody Wireless Infrastructure For $1.625B

Diamond Communications LLC and Sculptor Capital Management, Inc. (NYSE: SCU) yesterday announced that they have entered into a definitive Stock Purchase Agreement to acquire Melody Wireless Infrastructure, Inc.(MWI). MWI is a private U.S. REIT that owns a portfolio of approximately 2,300 tenanted wireless communication sites. These sites include a combination of rooftop installations, communication towers and ground leases under communication towers located throughout the U.S. in all fifty states.

Steven Orbuch, President of Sculptor Real Estate (SRE), Diamond’s long-time partner and founding shareholder, said, “We are excited to be continuing our 15-year relationship with Diamond, investing in the wireless infrastructure sector, and we commend the Melody team on the quality of the assets that they have assembled.”

“Melody has built a great company with a diverse group of assets,” said Ed Farscht, Diamond’s Chief Executive Officer. “This transaction is transformational for our business and will further solidify Diamond’s position as one of the largest privately held wireless infrastructure companies in the United States. The Melody assets complement Diamond’s existing portfolio and positions Diamond to drive long-term organic growth and significantly enhance our customer relationships. We are also excited to build on our relationship with Sculptor, which has supported Diamond from our founding in 2006.”

Omar Jaffrey, a co-founder of Melody, who led Melody’s efforts, said, “I am pleased that we have found a great home with Diamond and Sculptor for an exceptional pool of wireless infrastructure assets and business that we built over seven years while delivering great value for our investors.”

The closing of the transaction is subject to customary closing conditions and is expected to be consummated by June 2021. The purchase price is for $1.625 billion, subject to certain adjustments and other conditions of the Stock Purchase Agreement.

Source: InsideTowers.com

Digital Alpha logo

Digital Alpha Announces Closing of Second Digital Infrastructure Fund at Over $1 Billion

Source: PR Newswire

SAN FRANCISCOApril 20, 2021 /PRNewswire/ — Digital Alpha Advisors (“Digital Alpha”), a leading digital infrastructure investment firm, today announced the closing of Digital Alpha Fund II, L.P. (the “Fund” or “Fund II”), over its initial hard cap with over $1 billion in commitments. The Fund was oversubscribed and continues the same successful strategy of investing in digital infrastructure assets, companies and revenue share arrangements as Digital Alpha Fund I, L.P. (“Fund I”), formed in 2017. Digital Alpha will also continue the successful strategic partnership it has had with Cisco since the firm’s founding, which includes preferred access to Cisco’s deal flow, engineering and sales resources, as well as access to Cisco’s broader ecosystem of channel partners and resellers. In addition, Digital Alpha is proud to cultivate strategic partnerships with other Silicon Valley technology leaders, with whom it has already executed deals in Fund I and Fund II.

As a pioneer of the digital infrastructure category since launching in 2017, the Fund will maintain its core focus of investing in operating companies and revenue share deals across three key verticals: next-gen networks (5G infrastructure investment and Wi-Fi 6 solutions globally), cloud computing and IoT-enabled smart city solutions. The mission critical infrastructure layer where Digital Alpha invests sits above the commodity layer of radio masts, fiber cables and data centers and supports the consumption layer, which is focused on digital content, apps and devices. The Fund will seek to build out a diverse portfolio of approximately a dozen “anti-fragile” investments with resilient business models in leading operating companies and related yield-oriented revenue share structures.

“We’re thrilled to announce the close of our second digital infrastructure fund to support the growth of the digital economy. We’re proud of the role our investments play in providing secure connectivity for private and public sector stakeholders during the pandemic. In addition, the strong interest we’ve had from existing and new institutional investors globally is testament to our team’s expertise, the quality of our strategic relationships and our proven track record of value creation. We’ve already deployed a significant amount of capital into differentiated and high-quality deals, and we look forward to actioning the rich opportunity set our team of experts has identified in the high-growth verticals driving digital transformation,” said Rick Shrotri, Founder & Managing Partner.

To date, the Fund has committed approximately $300 million across three deals. The first deal of the Fund created a novel network edge solution with Cisco, Qwilt, and British Telecom; this innovative outcome based financing is scaling with telecom and cable operators in markets worldwide. The Fund also recently made a $185 million investment commitment to network access provider WeLink Communications to help expand their fixed-wireless broadband footprint across the US. Finally, in March the Fund committed $100 million in outcome-based financing to fund digital infrastructure for communities across the US with Sharecare—a leading digital health platform.

Digital Alpha’s seasoned investment team is led by Rick Shrotri, Founder & Managing Partner, and Vasa Babic, Partner. Mr. Shrotri is a 10-year Cisco veteran who devised the funding model employed by the Fund during his time as Head of Business Acceleration at Cisco. As of the Fund II launch, he has collaborated with Vasa Babic on a series of market shaping deals over nearly a decade. Digital Alpha’s diverse team has deep investing and industry experience and is supported by an internal Cisco unit called the Global Infrastructure Funds (GIF) team that was created by Mr. Shrotri while he was at Cisco.

Investors in the Fund include sovereign wealth funds, pension funds, endowments & foundations, consultants, and health systems primarily from North AmericaEurope and the Middle East. Digital Alpha enjoyed a re-up rate on a dollar basis of over 100% from Fund I.

NOTES TO EDITORS

About Digital Alpha Advisors
Digital Alpha Advisors, LLC is an investment firm focused on digital infrastructure and services required by the digital economy, with a strategic collaboration agreement with Cisco Systems, Inc. As part of this agreement, Digital Alpha has preferred access to Cisco’s pipeline of commercial opportunities requiring equity financing. Digital Alpha believes that it is the first firm focused on making private equity investments in the significant growth opportunities required to underpin the Digital Economy, including smart cities, next generation broadband networks, and enterprise data management and communication solutions. Digital Alpha is headquartered in Henderson, NV, with offices in San Francisco and London, and was founded by Rick Shrotri, former Head of the Global Infrastructure Funds (GIF) team at Cisco. For more information, please visit www.digitalalpha.net.

Horizon logo

HORIZON ACQUIRES INFINITY FIBER, LLC

Source: Horizon Connects

COLUMBUS, Ohio – March 2, 2021 – Horizon has acquired Infinity Fiber, LLC, anchoring the continued expansion strategy into Indiana. The acquisition provides connectivity to multiple data centers in Indiana and augments Horizon’s existing fiber infrastructure in downtown Indianapolis and Bloomington, Indiana.

Infinity Fiber’s long-haul network adds about 450 route miles to Horizon’s existing 4,500 miles of fiber. Horizon can now offer connectivity on a unique fiber route from Chicago’s 350 E. Cermak data center to South Bend, Indiana and Indianapolis, which will tie back to Horizon’s fiber backbone in Columbus, Ohio.

“Horizon is excited about acquiring Infinity Fiber to further cement our market expansion plan for Indiana,” said Jim Capuano, Chief Executive Officer for Horizon. “The Infinity network complements our existing fiber assets in the Indianapolis market, while also providing native connectivity to the region’s data centers. The combined network assets accelerate our plans for Indiana significantly. Our aggressive strategy for expansion and innovation is what has made us a premier fiber-optic broadband partner, and we continue to take the next steps to grow our high-quality, highly reliable services across the Midwest.”

Horizon will be offering speeds up to 400 Gbps, and soon, 800 Gbps across its entire network, including connectivity to Chicago and data centers in between, for carrier and enterprise customers, along with fiber connectivity in and around buildings throughout downtown Indianapolis.

“This unique asset is a game changer for our presence in Indiana,” commented Glenn Lytle, Chief Revenue Officer for Horizon. “We’ll be able to better serve our wholesale and carrier partners with a unique fiber route from Columbus, Ohio through Indianapolis to Chicago, as well as offer downtown Indianapolis enterprise customers direct cloud connectivity, Internet, Ethernet, and Hosted Voice products over our first-class fiber network.”

The acquisition has closed, and Horizon anticipates the network to be ready for services by Q2 2021. Partners looking to inquire about the network or services available are encouraged to visit HorizonConnects.com or email FiberSalesLeads@HorizonConnects.com.

ABOUT HORIZON

Horizon is a facilities-based, fiber-optic broadband service provider based in Ohio with expanding services across the Midwest. Operating 5,000 route miles of fiber, Horizon provides high-quality connectivity solutions for small to large enterprise and wholesale carrier customers, where high-reliability and high availability are critical.

The extensive network offers high speed Ethernet, Dedicated Internet Access, Hosted Voice and UCaaS, dark fiber, wavelength, and data center connectivity services. Horizon partners with carriers, government, healthcare, education, and enterprise businesses offering flexible and customizable fiber network solutions with a remarkable commitment to customer care and cutting-edge fiber-optic technology. For more information, visit horizonconnects.com.

ABOUT NOVACAP
Founded in 1981, Novacap is a leading Canadian private equity firm with $2.6 billion of assets under management. The firm’s unique investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca

Triple point logo

Triple Point returns with digital infrastructure IPO

Source: Investment Week UK

Triple Point Investment Management is to launch a digital infrastructure-focused investment trust on the London Stock Exchange, hopeful of investor support despite the continuing pandemic.

Digital 9 Infrastructure will invest in a range of digital infrastructure assets that deliver a reliable, functioning internet and will comprise future proofed, non-legacy, scalable platforms and technologies, Triple Point announced today (1 February). The company expects to publish a prospectus in March and complete the IPO shortly afterwards.

James Cranmer, managing partner of Triple Point, said the investments the trust made would be long term in nature, focusing on stable cash flows and have environmental, social and governance considerations at their core.

“Digital 9 Infrastructure (DGI9) is an opportunity to invest in the true backbone of the internet,” said Cranmer.

“From day one, DGI9 will deliver returns underpinned by 20-year plus contracted revenue from some of the largest companies in the world, including Facebook, Apple, Amazon, Netflix, Google and Microsoft.”

Cranmer added that the pandemic had only accelerated the “fundamental transition to a digital economy”, the growth of which was “already unstoppable”.

“The convenience and flexibility of technologies like remote working, social media and video streaming have demonstrated their economic and social benefits – how we shop, socialise and work is fundamentally changing,” he said.

The launch comes just three months after coronavirus restrictions hampered the investment manager’s fundraising efforts for its Triple Point Energy Efficiency Infrastructure trust.

Launching with a £200m target in October, Cranmer told Investment Week a month later that securing just half of that amount was due to investor reluctance to commit amid the pandemic.

At the time, Cranmer said: “Investors were telling us they like the return, the inflation protection, the sector and the ESG characteristics. But [they felt] it made much more sense for them to wait for [the trust] to get up and running, and then take part next time round.”

Today, Triple Point has already earmarked £160m in initial assets for the DGI9 trust, according to a statement from the company, along with £1bn of “portfolio-ready operational infrastructure and are confident of deploying the full IPO proceeds well within 12 months of IPO”.

The trust will be overseen by what Triple Point cites as a “diverse board”, comprising five independent non-executive directors, and featuring a former chief customer officer at BT Group.

DGI9 will invest in assets including, but not limited to, subsea fibre, data centres, terrestrial fibre, tower infrastructure and small cell networks, including 5G.

Thor Johnsen, head of digital infrastructure, will lead the team responsible for executing the trust’s investment strategy, supported by a team with experience in this sector.

airtower networks logo

Airtower Networks Secures Private Equity Funding from Lumerity Capital

Source: PR Web

Airtower Networks, “One of The Fastest Growing Companies in America” (Inc. 500) and a leading wireless infrastructure provider, announced today that it has successfully closed on a round of new funding.

The investment was made by Lumerity Capital, a private equity firm focused on investments in cloud and data infrastructure. With extensive experience within the data infrastructure ecosystem, Lumerity is well positioned to assist portfolio companies with the execution of multi-pronged growth strategies. The investment will enable Airtower Networks to further capitalize on its position as a leader in the wireless infrastructure industry.

Airtower Networks delivers a full suite of network solutions and managed services that enable wireless connectivity. The timing of this investment coincides with the increasing market demand for high-quality wireless connectivity within the vast number of buildings that require improved coverage and capacity. Airtower’s vision is to become the largest nationwide 5G provider and neutral-host operator of indoor wireless networks by delivering cutting-edge network solutions that help building owners, property developers, enterprises, and mobile network operators manage their wireless infrastructure investments while also producing an attractive ROI. With clients ranging from the largest commercial real estate developers to the most technologically advanced government organizations, Airtower consistently provides cutting-edge solutions to meet each customer’s wireless needs.

“Airtower Networks experienced a record breaking year in terms of revenue, new bookings, networks deployed, and profitability. We have enjoyed getting to know Matt Kim, David Claroni, and the Lumerity team. This incremental funding will allow us to continue to scale the business,” said Oliver Valente, Airtower’s Chief Executive Officer.

“We’re excited about the injection of investment capital and sector expertise provided by Lumerity. The additional resources will give us the capability to rapidly scale the success we’ve had providing cutting-edge wireless and smart building solutions for commercial real estate and cellular carriers,” said Manny Dureja, Founder and President, Airtower Networks.

Matt Kim of Lumerity Capital added, “The indoor wireless sector provides tremendous growth opportunities and we are excited to partner with a proven management team that is executing successfully with a highly effective approach to the market. We look forward to working with Oliver and Manny and to supporting Airtower as it accelerates growth of its core business and evaluates emerging opportunities, including edge computing.”

About Airtower Networks
Airtower Networks has become the trusted partner for building owners, property managers, enterprises, and mobile network operators in need of future-proof cost effective network solutions and managed wireless services that help enhance communication and improve their bottom lines. Airtower Networks’ total managed services for smart buildings and mobile connectivity maximize building owners’ investment by providing communications infrastructure and 5G-ready networks.

Airtower Networks designs, builds, owns, and operates next-generation cellular, private LTE, Wi-Fi, and public safety networks. Clients include owners/operators of data centers, industrial, residential, healthcare, education, office, hospitality, retail, stadiums and public venues that range in size from small to Fortune 50 enterprises including the largest commercial real estate developers in the nation and the most technologically advanced government organizations. Airtower Networks consistently provides cutting-edge solutions to meet each customer’s wireless needs. For additional information, please visit http://www.airtower.com, hello@airtower.com or call 1-877-327-1785.

About Lumerity Capital
Lumerity Capital is a private equity firm founded in 2014 focused on investments in cloud and data infrastructure. With extensive experience and deep relationships within the data infrastructure ecosystem, Lumerity works actively with its portfolio companies on the execution of their growth strategies. Lumerity’s portfolio companies include Datavail Corporation, a leading managed services provider focused on database administration and enterprise applications, Effectual Inc., a next generation public cloud managed services provider, 365 Data Centers, a provider of hybrid Infrastructure-as-a-service with network-dense data centers located in the Eastern U.S., and 59Realty, a data center real estate platform. Lumerity’s past investments include TriCore Solutions, a leading ERP managed services provider that was acquired by Rackspace. Learn more at http://www.lumerity.com.

Cordiant Capital Logo

Cordiant Capital to launch digital infrastructure investment trust

Source: InvestmentWeekUK

Cordiant Capital has targeted a £300m raise for a digital infrastructure investment trust, as it looks to “capitalise on the surging growth in data consumption and traffic”.

The investment manager will look to issue up to 300 million ordinary shares at 100p each through an initial placing and offer for subscription.

Subscription shares will be issued for nil value to IPO investors subscribing for ordinary shares on the basis of one subscription share for every eight ordinary shares subscribed.

Cordiant Digital Infrastructure will mainly invest in operating digital infrastructure assets, with a predominant focus on data centres, mobile telecommunications/broadcast towers and fibre-optic network assets, primarily located in the UK, the EEA, the United States of America and Canada, it said.

The company will seek to provide investors with a net asset value total return of at least 9% per annum alongside an initial dividend of 1p per share in the first full financial year, 2p to 3p in the second full financial year and progressively rising yearly to at least 4p in the fifth full financial year.

Chair Shonaid Jemmett-Page said the Covid-19 pandemic had “starkly highlighted… the need for substantial investment in digital infrastructure in the developed world”, adding that “the increasing digitisation across societies has the potential to have a transformative impact on the global climate and societal challenges that we face”.

Cordiant said it had identified and is evaluating a pipeline of investment opportunities worth around €1.5bn in areas such as US data centres, Scandinavian fibre and European mobile towers.

The manager noted that digital infrastructure assets exhibited a number of attractive features, including recurring long-term contracts (often with built in escalator clauses) with predictable cashflows, limited obsolescence risk and location-based barriers to entry.

It said that a number of traffic patterns and sector trends, including the adoption of 5G technology, would provide an economic tailwind that could last for more than a decade.

Cordiant Digital Infrastructure will focus on the middle-market, it added, which is an area where platforms can be acquired at attractive entry prices and the size of the platform grown through capital expenditure and bolt-on acquisitions.

The firm added that it was a sector specialist, with its digital infrastructure investment team having an average 20 years’ of experience in the digital infrastructure, communications technology and Internet sectors.

Chair of digital infrastructure at Cordiant Steven Marshall was formerly president of American Tower’s US tower division and has previously been CEO of National Grid Wireless and chair of the Wireless Infrastructure Association.

Marshall said: “The paramount need for more and enhanced digital infrastructure has become apparent to us all in recent months. However, investing in these assets requires sector expertise and knowledge.

“The Cordiant team has decades of industry and investment experience and we believe that the opportunities that we are originating are compelling.

“Cordiant Digital Infrastructure Limited will be the first dedicated digital infrastructure investment trust, providing diversified exposure to the attractive growth and income characteristics of the asset class.”

Cordiant runs infrastructure private equity and infrastructure private credit strategies through limited partnerships and managed accounts. It boasts global insurance companies, pension plans and family offices as clients.

Everest Infrastructure Partners logo

Everest Closes 2020 with Acquisition of 40 Midwest Tower Sites

Source: Everest Infrastructure Partners

Everest Infrastructure Partners acquired more than 40 tower sites located throughout the Midwest region during 2020.  Included in the acquisitions are 30 on-air macro towers located in major markets with an average tower age of less than 5 years and an average tenancy of less than 1.5 tenants per tower.  “These are new macro towers with significant capacity for additional carriers in attractive urban and suburban locations,” said Mike Mackey, President of Everest Infrastructure Partners.  “With more than a dozen completed transactions, Everest was more active in the Midwest during 2020 than ever before.”

“These recent additions to our tower portfolio offer attractive clusters around several large Midwest cities including Chicago, Indianapolis, Madison, and St. Louis,” said Chris Davis, President of US Towers for Everest.  “These sites have very few competing structures and are ideally located for carriers to expand and enhance their 4G and 5G mobile services.  We expect to continue growing our presence in the Midwest in 2021 and beyond with additional acquisitions and a new tower build program to complement our tower development efforts in New England and California”

Also included in Everest’s Midwest activities in 2020 was the acquisition of the iconic Tower Center located in Bloomington, Illinois.  The 420-foot structure located in downtown Bloomington provides infrastructure services to nearly a dozen tenants, including all major mobile operators and numerous broadcaster and public safety networks serving the region.

“2020 was a substantial year of growth for Everest,” added Mackey.  “We completed a portfolio refinancing that raised $500 million in new capital led by Peppertree Capital Management, Inc.  We closed more than 100 acquisitions during 2020 and are actively considering new opportunities both domestically and in select international markets.  We expect 2021 to deliver even greater growth for Everest as the U.S. mobile infrastructure market rapidly densifies and carriers continue to deploy new spectrum and evolve their networks for 5G technologies.”

About Everest Infrastructure Partners, Inc.

Everest Infrastructure Partners, Inc. is a privately-owned operator of Communications Infrastructure assets including wireless communications towers, rooftop locations, tower ground leases, and indoor wireless systems.  Everest provides infrastructure to all major U.S. wireless operators, and currently operates, manages, or markets more than 4,000 communications sites throughout the U.S.

About Peppertree Capital Management, Inc.

Peppertree Capital Management, Inc. is a private equity firm focused on making investments in growing communication infrastructure companies, both in the United States and internationally.  Areas of interest include towers, fiber, DAS, spectrum, small cells and real estate related to its areas of focus.  Peppertree was formed in 2004 and is currently investing out of its eighth equity fund and an evergreen debt fund.  Peppertree has more than $2 billion under management and has made more than 100 investments in communication infrastructure companies in 10 countries.

 

Everest Infrastructure Partners logo

Everest Acquires Top Sites, Inc. and California Tower Portfolio

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Source: Everest Infrastructure

December 19, 2020

Everest Infrastructure Partners has Acquired Top Sites, Inc. and its’ portfolio of wireless towers located in Northern California.  “We are incredibly pleased to complete the acquisition of Top Sites, Inc.”, said Mike Mackey, President of Everest Infrastructure Partners.  “The Top Sites team has developed an impressive portfolio of high-quality tower assets in Northern California that will greatly complement our existing footprint.  California is our largest market for both existing macro sites and new tower development.  The Top Sites towers are high-capacity structures with substantial existing tenancy by major national operators as well as sizable capacity for new tenants.”

Louis Duenweg, Vice President of Top Sites, Inc. added that “the Everest team reached out to us directly about our tower portfolio and we developed a great relationship over the past few years.  They were excellent to work with through this complex transaction and we have great confidence they will be an outstanding manager of these tower assets in the future.”

About Everest Infrastructure Partners

Everest is a privately-owned operator of Communications Infrastructure assets including wireless communications towers, rooftop locations, tower ground leases, and indoor wireless systems.  Everest provides infrastructure to all major U.S. wireless operators, and currently operates, manages, or markets more than 4,000 communications sites throughout the U.S.

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AST SpaceMobile logo

AST & Science Going Public with $1.8 Billion Valuation of Satellite Broadband Venture

Source: InsideTowers.com

On Wednesday, special purpose acquisition company New Providence announced that it would take Texas-based AST & Science public through a Special Purpose Acquisition Company (SPAC) deal. CNBC reported that satellite broadband company AST will have an equity value of $1.8 billion. AST will list on the NASDAQ under the ticker symbol ASTS, likely in the first quarter of 2021.

AST is building a satellite network called “SpaceMobile,” designed to deliver broadband from space directly to smartphones. The company’s first experimental satellite launched in April 2019 and plans for a second launch are slated for late 2021.

The second satellite is estimated to cost $48 million, according to AST. The SPAC deal will fund the development of SpaceMobile through “phase one,” giving AST “enough capital to launch our first 20 satellites,” said AST Chairman/CEO Abel Avellan.

“What we’re doing is launching a space-based satellite network that allows any phone — without any modification of hardware, software, apps, nothing — to be able to connect directly to satellites,” Avellan told CNBC. “This will support true 5G broadband speed. We get to revenue [in the black] when we launch our first 20 [satellites] in the second half of 2022 for commercial operation in 2023.”

Avellan founded AST in 2017, and will retain 43 percent ownership of the company after it goes public. The company employs 160 workers, reported CNBC.

According to New Providence Chairman Alex Coleman, “AST SpaceMobile represents a unique opportunity to invest in a pioneering company with revolutionary technology, a built-in customer base, and a flexible and scalable business model that addresses one of the largest challenges to global connectivity.”

AST expects to have $541 million in total capital when it goes public, reported CNBC. Once phase one is complete, AST expects it will cost another $1.2 billion to launch an additional 148 satellites to provide global coverage.

AST also announced that existing investor Vodafone Group is a SpaceMobile launch partner. “We believe SpaceMobile is uniquely placed to provide universal mobile coverage, further enhancing our leading network across Europe and Africa — especially in rural areas and during a natural or humanitarian disaster — for customers on their existing smartphones,” Vodafone Group CEO Nick Read said earlier in 2020.

With the SpaceMobile program, AST estimates it will reach “over 700 million unconnected people” in 49 equatorial nations. The company projects SpaceMobile’s subscriber growth to begin in 2023 with 9 million users, estimating to net $181 million in revenue — or about $20 per subscriber.

Virginia Retirement System (VRS) logo

Virginia Retirement System Pledges $100 Million to Digital Colony Digital Infrastructure Fund

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Source: Pensions and Investments Online

Virginia Retirement System, Richmond, at a Thursday board meeting announced commitments of $500 million.

Within its credit strategies asset class, the $85.1 billion pension fund committed $300 million to Ares Private Credit Solutions II, an upper-middle-market junior capital lending strategy managed by Ares Management.

In private equity, VRS committed $100 million to Charlesbank Equity Fund X, a buyout fund targeting relative value opportunities managed by Charlesbank Capital Partners.

In real assets, the system committed $100 million to Digital Colony Partners II, a fund targeting digital infrastructure managed by Digital Colony Management.

Virginia also opened an internal account with $100 million for an internally directed global asset allocation strategy, funded from cash.

The system’s asset allocation as of Sept. 30 was 35.7% public equity, 16.3% fixed income, 13.8% credit strategies, 13.5% private equity, 13.4% real assets, 2.9% public multiasset strategies, 1.7% private investment and the remainder in cash.

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