Investment pools
Virginia Retirement System
Defined Benefit Plan investment pool
Allocation as of · Allocation report ↗
Net market value$136.4B
Gross market value$139B
Allocation rows within range10 / 10
Where the fund is invested
Select a band to explore its allocation.
Gross pool$139B
Allocation by sleeve
Dot shows actual weight. Tick shows target. Negative distance indicates a policy-range breach.
| Sleeve | Market value | Actual | Target | Vs target | Policy range | Above min. | Below max. |
|---|---|---|---|---|---|---|---|
| Public Equity | $44.9B | 32.9% | 32% | +0.9 pp | 25% to 39% | +7.9 pp | +6.1 pp |
| Private Equity | $19.8B | 14.6% | 15% | −0.4 pp | 8% to 22% | +6.6 pp | +7.4 pp |
| Real Assets | $18.4B | 13.5% | 14% | −0.5 pp | 7% to 21% | +6.5 pp | +7.5 pp |
| Credit Strategies | $20.3B | 14.9% | 16% | −1.1 pp | 9% to 23% | +5.9 pp | +8.1 pp |
| Diversifying Strategies | $8.4B | 6.2% | 6% | +0.2 pp | 3% to 11% | +3.2 pp | +4.8 pp |
| Private Investment Partnerships | $1.8B | 1.3% | 2% | −0.7 pp | 0% to 4% | +1.3 pp | +2.7 pp |
| Exposure Management Portfolio | $1B | 0.8% | 0% | +0.8 pp | 0% to 6% | +0.8 pp | +5.2 pp |
| Fixed Income | $21.4B | 15.7% | 16% | −0.3 pp | 12% to 23% | +3.7 pp | +7.3 pp |
| Cash | $3B | 2.2% | 2% | +0.2 pp | 0% to 7% | +2.2 pp | +4.8 pp |
| Leverage | −$2.6B | −1.9% | −3% | +1.1 pp | −7% to 0% | +5.1 pp | +1.9 pp |
Combined policy ranges
| Sleeve | Market value | Actual | Target | Vs target | Policy range | Above min. | Below max. |
|---|---|---|---|---|---|---|---|
| Public + Private Equity | $64.7B | 47.5% | 47% | +0.5 pp | 37% to 57% | +10.5 pp | +9.5 pp |
| Fixed Income + Cash | $24.4B | 17.9% | 18% | −0.1 pp | 12% to 27% | +5.9 pp | +9.1 pp |
Rebalancing policy and actions
- The board sets strategic targets and allowable ranges. Staff makes tactical changes within those ranges.
- Markets or liquidity needs may temporarily push an allocation outside its range. The CIO may allow a temporary deviation if an immediate correction would be economically imprudent. If a correction is needed, staff prepares an action plan. The CIO advises the board of the deviation in either case.
- The daily report uses a combined leverage range of −7% to 0%. The policy lists asset allocation leverage (−4% to 0%) and rebalancing leverage (−3% to 0%) separately.
- Policy target change
Private Equity target fell from 16% to 15% and Diversifying Strategies rose from 5% to 6% under the FY2027 policy.
Source ↗ - Reported portfolio rebalance
VRS reported rebalancing about $14.9B within Public Equity and raising about $3.9B for plan needs in its review of the preceding year.
Source ↗
The November 4 packet reports allocation and mandate changes. The materials reviewed for that meeting do not identify a new executed rebalancing trade.
Managers by sleeve
Reported roster as of · Manager roster ↗. Some sleeves disclose their top ten managers. Later disclosures cover individual mandates.
Public Equity22 roster entries · 2 later disclosures
51% internally managed in the allocation snapshot.
Sub-sleeves and exposures
Reported roster
- Acadian Asset Management International Equity · External Managers · Emerging, Non-U.S. Small Cap · Source ↗
- Ariel Traditional Equity · External Managers · Global · Source ↗
- Arrowstreet Capital Traditional Equity · External Managers · Global · Source ↗
- Baillie Gifford Traditional Equity · External Managers · Emerging, Global · Source ↗
- J.P. Morgan Traditional Equity · External Managers · Global · Source ↗
- Lansdowne Traditional Equity · External Managers · Global · Source ↗
- LSV Asset Management Traditional Equity · External Managers · Global, Non-U.S. Small Cap, U.S. Small Cap · Source ↗
- WCM Investment Management Traditional Equity · External Managers · Global · Source ↗
- Afton Domestic Equity · Internal Portfolios · U.S. Small Cap · Source ↗
- Amherst Domestic Equity · Internal Portfolios · U.S. Large Cap · Source ↗
- Bearfence Traditional Equity · Internal Portfolios · Global · Source ↗
- Rivanna Traditional Equity · Internal Portfolios · Global · Source ↗
- Tuckahoe International Equity · Internal Portfolios · Emerging · Source ↗
- CET Energy Dynamics Equity Hedge Funds · Long/Short · Source ↗
- Cevian Equity Hedge Funds · Activist · Source ↗
- Coatue Equity Hedge Funds · Long/Short Extension · Source ↗
- Eminence Equity Hedge Funds · Long/Short Extension · Source ↗
- Farallon Equity Hedge Funds · Long/Short, Multi-Strat · Source ↗
- Maverick Capital Equity Hedge Funds · Long/Short Extension · Source ↗
- Select Equity Hedge Funds · Long/Short · Source ↗
- Theleme Equity Hedge Funds · Long/Short · Source ↗
- ValueAct Capital Equity Hedge Funds · Activist · Source ↗
Private Equity10 roster entries · 7 later disclosures
16% internally managed in the allocation snapshot.
Sub-sleeves and exposures
Reported roster
- Apax Partners Buyouts · Top 10 managers · Buyout · Source ↗
- Bain Capital Buyouts · Top 10 managers · Buyout · Source ↗
- CVC Capital Buyouts · Top 10 managers · Buyout · Source ↗
- General Atlantic Growth · Top 10 managers · Source ↗
- GTCR Buyouts · Top 10 managers · Buyout · Source ↗
- Grosvenor Top 10 managers · Customized Separate Account · Source ↗
- Hellman and Friedman Buyouts · Top 10 managers · Buyout · Source ↗
- Stone Point Capital Buyouts · Top 10 managers · Buyout · Source ↗
- TA Associates Growth · Top 10 managers · Source ↗
- Veritas Capital Buyouts · Top 10 managers · Buyout · Source ↗
Later mandate disclosures
- NGP Natural Resources XIV Hired · · $150M reported · Source ↗
- Cap91 CV Sleeve Hired · · $50M reported · Source ↗
- ICONIQ Strategic Partners VIII Hired · · $100M reported · Source ↗
- Spectrum XI Hired · · $145M reported · Source ↗
- Monomoy Family Fund Hired · · $30M reported · Source ↗
- Audax PE VIII Hired · · $200M reported · Source ↗
- NorthSands Capital I Hired · · $75M reported · Source ↗
Real Assets10 roster entries · 2 later disclosures
19% internally managed in the allocation snapshot.
Sub-sleeves and exposures
Reported roster
- Blackstone Real Estate Partners Top 10 managers · Core, Enhanced Core & Opportunistic Real Estate · Source ↗
- Carson Companies Top 10 managers · Core Real Estate · Source ↗
- Clarion Partners Top 10 managers · Enhanced Core Real Estate · Source ↗
- Harrison Street Top 10 managers · Core & Core Enhanced Real Estate · Source ↗
- Industry Funds Management Top 10 managers · Global Infrastructure · Source ↗
- J.P. Morgan Investment Management Top 10 managers · Mixed Core · Source ↗
- Morgan Stanley Top 10 managers · Core Real Estate, Global Infrastructure · Source ↗
- Pantheon Ventures Top 10 managers · Global Infrastructure, Global Natural Resources · Source ↗
- PGIM Top 10 managers · Core & Enhanced Core Real Estate · Source ↗
- Pritzker Realty Group Top 10 managers · Core & Enhanced Core Real Estate · Source ↗
Credit Strategies10 roster entries · 1 later disclosures
6% internally managed in the allocation snapshot.
Sub-sleeves and exposures
- Direct Lending Source ↗26% of sleeve ·
- Opportunistic Credit Source ↗20% of sleeve ·
- Diversified Private Credit Source ↗19% of sleeve ·
- Mezzanine Source ↗12% of sleeve ·
- Asset Backed Source ↗11% of sleeve ·
- Distressed Source ↗9% of sleeve ·
- High Yield Source ↗3% of sleeve ·
- Bank Loan Source ↗1% of sleeve ·
Reported roster
- Ares Management Top 10 managers · Direct Lending, Mezzanine, Opportunistic, Asset Backed · Source ↗
- Beach Point Capital Management Top 10 managers · Distressed, Opportunistic · Source ↗
- HPS Investment Partners Top 10 managers · Direct Lending, Mezzanine, Asset Backed · Source ↗
- BlackRock Direct Lending · Top 10 managers · Source ↗
- Carlyle Diversified Private Credit · Top 10 managers · Source ↗
- Sixth Street Partners Top 10 managers · Distressed, Opportunistic · Source ↗
- Magnetar Financial Diversified Private Credit · Top 10 managers · Source ↗
- Aksia Diversified Private Credit · Top 10 managers · Source ↗
- Solus Top 10 managers · Opportunistic, Broadly Syndicated Loans · Source ↗
- KKR Top 10 managers · Direct Lending, Asset Backed, Distressed · Source ↗
Later mandate disclosures
- Castlelake Asset-Based Private Credit IV Hired · · $300M reported · Source ↗
Diversifying Strategies11 roster entries · 2 later disclosures
Reported roster
- Aksia Reported managers · Multi-Asset Class Public Investments · Source ↗
- AQR Reported managers · Multi-Asset Class Public Investments · Source ↗
- BlackRock Reported managers · Multi-Asset Class Public Investments · Source ↗
- Brevan Howard Reported managers · Multi-Asset Class Public Investments · Source ↗
- Capstone Reported managers · Multi-Asset Class Public Investments · Source ↗
- Internal Portfolio Strategy Reported managers · Multi-Asset Class Public Investments · Source ↗
- J.P. Morgan Reported managers · Multi-Asset Class Public Investments · Source ↗
- Man Group Reported managers · Multi-Asset Class Public Investments · Source ↗
- Neuberger Berman Reported managers · Multi-Asset Class Public Investments · Source ↗
- NISA Reported managers · Multi-Asset Class Public Investments · Source ↗
- PineBridge Reported managers · Multi-Asset Class Public Investments · Source ↗
Private Investment Partnerships2 roster entries
Exposure Management Portfolio3 later disclosures
See the dated mandate changes below for the managers disclosed in the November recap.
Fixed Income9 roster entries
96% internally managed in the allocation snapshot.
Sub-sleeves and exposures
Reported roster
- VRS Investment Grade Credit Investment Grade Credit · Internal Portfolios · High-Quality Corporates · Source ↗
- VRS Securitized Securitized · Internal Portfolios · Mortgage and Other Asset-Backed Securities · Source ↗
- VRS Government Government · Internal Portfolios · U.S. and Other Government-Related Debt · Source ↗
- VRS Emerging Market Debt Emerging Market Debt · Internal Portfolios · EM Sovereign and Quasi-Sovereign Debt · Source ↗
- VRS Systematic High Yield High Yield · Internal Portfolios · High-Yield Corporates · Source ↗
- VRS Fixed-Income Opportunistic Opportunistic · Internal Portfolios · Various Fixed-Income Related Assets · Source ↗
- FI Man Numeric High Yield High Yield · External Portfolios · High-Yield Corporates · Source ↗
- FI Payden & Rygel EMD Emerging Market Debt · External Portfolios · Source ↗
- FI PIMCO EMD Emerging Market Debt · External Portfolios · Source ↗
CashAllocation line
Cash allocation. The allocation report names no separate manager.
LeverageAllocation line
Financing exposure. The allocation report names no separate manager.
Reported mandate changes
Amounts are reported commitments or current values. Effective dates come from the source recap.
| Effective | Mandate | Sleeve | Action | Reported amount | Evidence |
|---|---|---|---|---|---|
| Igneo European Diversified Infrastructure Fund IV | Real Assets | Hired | €125M | Source ↗ | |
| NGP Natural Resources XIV | Private Equity | Hired | $150M | Source ↗ | |
| Atalan Capital | Public Equity | Hired | $250M | Source ↗ | |
| Irenic Vantage EMP | Exposure Management Portfolio | Hired | $100M | Source ↗ | |
| Irenic Vantage DS | Diversifying Strategies | Hired | $25M | Source ↗ | |
| Castlelake Asset-Based Private Credit IV | Credit Strategies | Hired | $300M | Source ↗ | |
| Cap91 CV Sleeve | Private Equity | Hired | $50M | Source ↗ | |
| J.P. Morgan Hybrid Growth | Exposure Management Portfolio | Hired | $400M | Source ↗ | |
| ICONIQ Strategic Partners VIII | Private Equity | Hired | $100M | Source ↗ | |
| Spectrum XI | Private Equity | Hired | $145M | Source ↗ | |
| Monomoy Family Fund | Private Equity | Hired | $30M | Source ↗ | |
| Audax PE VIII | Private Equity | Hired | $200M | Source ↗ | |
| AQR Market Neutral Value Fund | Exposure Management Portfolio | Terminated | $591M | Source ↗ | |
| Lime Rock Resources Fund III Continuation Vehicle | Real Assets | Hired | $43.2M | Source ↗ | |
| ValueAct Strategic Global Fund II | Public Equity | Hired | $200M | Source ↗ | |
| NorthSands Capital I | Private Equity | Hired | $75M | Source ↗ | |
| NISA Systematic Strategies | Diversifying Strategies | Hired | $25M | Source ↗ |