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.