DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

State retirement system

Virginia Retirement System (VRS)

State retirement systemstate generalVA

Assets

$114B

Fiduciary net position, Jun 30, 2025 reported

Funded

n/a

not filed

Private markets target

47.0%

policy Jun 30, 2025

Commitments

1 dated closings

Allocation policy

ACFR, as of Jun 30, 2025

Asset class (as printed)	Bucket	Target	Actual	Gap	Basis
Cash	Cash	2.0%	1.8%	-0.2	reported varetire.org
Fixed Income	Fixed income	16.0%	15.2%	-0.8	reported varetire.org
Diversifying Strategies	Hedge / diversifiers	6.0%	4.1%	-1.9	reported varetire.org
Leverage	Other	-3.0%	-1.2%	+1.8	reported varetire.org
Credit Strategies	Private credit	16.0%	15.2%	-0.8	reported varetire.org
PIP – Private Investment Partnerships	Private equity	1.0%	1.8%	+0.8	reported varetire.org
Private Equity	Private equity	15.0%	16.0%	+1.0	reported varetire.org
Public Equity	Public equity	32.0%	33.6%	+1.6	reported varetire.org
Real Assets	Real assets	15.0%	12.7%	-2.3	reported varetire.org

Actual allocation lines without a target (as filed)

Exposure Management Portfolio 0.8%

Consultants and advisers

3 firms

Mercer General consultantthrough Feb 5, 2026 Board minutes
Gabriel, Roeder, Smith & Company (GRS) Actuarythrough Jun 30, 2025 ACFR
Bank of New York Mellon Custodianthrough Jun 30, 2025 ACFR

People

5 roles

Chief investment officer

Andrew H. Junkin

Chief Investment Officer (Jun 30, 2025) varetire.org

Andrew H. Junkin, Chief Investment Officer

A. Scott Andrews ChairBoard chair
Lawrence E. Kochard Investment Advisory Committee, ChairCommittee chair
Susan T. Gooden Defined Contribution Plans Advisory Committee, ChairCommittee chair
Patricia S. Bishop DirectorExecutive director / CEO

Manager roster

12 managers on the commitment tape

From the plan’s own commitment disclosures

Apollo2 rows, $350M, latest Aug 12, 2026
Charterhouse Capital Partners LLP2 rows, 1 re-ups, latest Aug 12, 2026
Ares1 rows, $400M, latest Apr 23, 2026
Quad-C Management, Inc.1 rows, $300M, latest Aug 12, 2026
Apax1 rows, $201M, latest Aug 12, 2026
General Atlantic1 rows, $200M, latest Aug 12, 2026
Kayne Anderson1 rows, $150M, latest Aug 12, 2026
EQT1 rows, $150M, latest Aug 12, 2026
Beach Point Capital Management LP1 rows, $150M, latest Aug 12, 2026
Stonepeak1 rows, $100M, latest Aug 12, 2026
Monomoy Capital Management, L.P.1 rows, 1 re-ups, $50.0M, latest Apr 23, 2026
Inflexion1 rows, latest Aug 12, 2026

Commitments

23 rows, 1 dated closings

Dated closings (the plan’s own date)

Date	Fund	Manager	Bucket	Amount	Vintage	Status	Source
Aug 14, 2026	ValueAct Strategic Global Fund IIco investment	ValueAct	Public equity	$200M		Committed (dated)	varetire.org

Disclosed holdings (from the plan’s performance or holdings report, as of the report date)

Date	Fund	Manager	Bucket	Amount	Status	Source
as of Aug 12, 2026	BlackRock 32 Capitalseparate account	BlackRock	Public equity	$500M	Approved	varetire.org
as of Aug 12, 2026	Quad-C XI	Quad-C Management, Inc.	Private equity	$300M	Approved	varetire.org
as of Aug 12, 2026	Blue Owl Real Estate Fund VII	Blue Owl	Private credit	$300M	Approved	varetire.org
as of Aug 12, 2026	BlackRock GAOseparate account	BlackRock	Hedge / diversifiers	$300M	Approved	varetire.org
as of Aug 12, 2026	International Farming Corporation Separate Accountseparate account	International Farming Corporation	Real assets	$229M	Approved	varetire.org
as of Aug 12, 2026	Apax Digital Fund III	Apax	Private equity	$201M	Approved	varetire.org
as of Aug 12, 2026	LS Power Fund VI	LS Power	Real assets	$200M	Approved	varetire.org
as of Aug 12, 2026	General Atlantic SMA IIseparate account	General Atlantic	Private equity	$200M	Approved	varetire.org
as of Aug 12, 2026	Apollo Investment Fund XI	Apollo	Private equity	$200M	Approved	varetire.org
as of Aug 12, 2026	Kayne Anderson Core Real Estate Fund	Kayne Anderson	Real assets	$150M	Approved	varetire.org
as of Aug 12, 2026	EQT Transition Infrastructure	EQT	Real assets	$150M	Approved	varetire.org
as of Aug 12, 2026	Apollo Manufactured Housing Property Fund	Apollo	Real assets	$150M	Approved	varetire.org
as of Aug 12, 2026	Beach Point Credit Tactical Fund II	Beach Point Capital Management LP	Private credit	$150M	Approved	varetire.org
as of Aug 12, 2026	Meadow Real Estate Fund VII	Meadow	Real assets	$125M	Approved	varetire.org
as of Aug 12, 2026	Stonepeak Opportunities Fund II	Stonepeak	Real assets	$100M	Approved	varetire.org
as of Aug 12, 2026	Silver Hill Energy Partners V	Silver Hill	Real assets	$100M	Approved	varetire.org
as of Aug 12, 2026	Charterhouse XII	Charterhouse Capital Partners LLP	Private equity	n/a	Approved	varetire.org
as of Aug 12, 2026	Inflexion Buyout Fund VII	Inflexion	Private equity	n/a	Approved	varetire.org
as of Apr 23, 2026	PIMCO Multi-Strategy Custom Mandateseparate account	PIMCO	Hedge / diversifiers	$500M	Approved	varetire.org
as of Apr 23, 2026	Ares Pathfinder III	Ares	Private credit	$400M	Approved	varetire.org
as of Apr 23, 2026	Monomoy V Co-invest SMAco investment	Monomoy Capital Management, L.P.	Private equity	$50.0M	Approvedre-up	varetire.org
as of Apr 23, 2026	Charterhouse XII Co-invest SMAco investment	Charterhouse Capital Partners LLP	Private equity	n/a	Approvedre-up	varetire.org

Size and funding

58 readings

Total assets

$108B Jun 30, 2024 reported Census ASPP

$104B (2023-06) · $95B (2022-06)

Fiduciary net position

$114B Jun 30, 2025 reported ACFR

$106B (2024-06) · $23B (2023-06) · $94B (2022-06)

Long-term investments

$108B Jun 30, 2024 reported Census ASPP

$104B (2023-06) · $95B (2022-06)

Total pension liability

$7.3B Jun 30, 2024 derived Census ASPP

$3.8B (2023-06) · $16B (2022-06)

Discount rate

6.75% Jun 30, 2024 reported Census ASPP

6.75% (2023-06) · 6.75% (2022-06)

Participants

655,064 Jun 30, 2024 derived Census ASPP

656,317 (2023-06) · 624,684 (2022-06)

Active members

358,182 Jun 30, 2024 derived Census ASPP

356,515 (2023-06) · 340,035 (2022-06)

Beneficiaries

232,707 Jun 30, 2024 reported Census ASPP

236,208 (2023-06) · 223,793 (2022-06)

Benefits paid

$6.2B Jun 30, 2024 reported Census ASPP

$6.0B (2023-06) · $5.5B (2022-06)

Investment expense

$638M Jun 30, 2024 reported Census ASPP

$772M (2023-06) · $574M (2022-06)

Commitment history

23 decisions the board record started

One line per vehicle, folded across the board’s own minutes and the plan’s later reports: when the item was proposed or recommended, when the board approved it, when the closing was dated, and when the position first showed up in a report. A line is closed only when a closing date exists; held means the plan reports the position without one on this graph.

Vehicle	Manager	Amount	State	Proposed	Approved	Closed	First reported	Other LPs
Ares Pathfinder III	Ares	$400M	approved	-	Apr 23, 2026	-	-	-
PIMCO Multi-Strategy Custom Mandate	n/a	$500M	approved	-	Apr 23, 2026	-	-	-
Monomoy V Co-invest SMA	Monomoy Capital Management, L.P.	$50.0M	approved	-	Apr 23, 2026	-	-	-
Charterhouse XII Co-invest SMA	Charterhouse Capital Partners LLP	n/a	approved	-	Apr 23, 2026	-	-	-
ValueAct Strategic Global Fund II	n/a	$200M	closed	-	-	Aug 14, 2026	-	-
Apollo Manufactured Housing Property Fund	Apollo	$150M	approved	-	-	-	-	-
Beach Point Credit Tactical Fund II	Beach Point Capital Management LP	$150M	approved	-	-	-	-	-
BlackRock 32 Capital	n/a	$500M	approved	-	-	-	-	-
BlackRock GAO	n/a	$300M	approved	-	-	-	-	-
Blue Owl Real Estate Fund VII	n/a	$300M	approved	-	-	-	-	-
Charterhouse XII	Charterhouse Capital Partners LLP	n/a	approved	-	-	-	-	-
Apax Digital Fund III	Apax	$201M	approved	-	-	-	-	-
EQT Transition Infrastructure	EQT	$150M	approved	-	-	-	-	-
General Atlantic SMA II	General Atlantic	$200M	approved	-	-	-	-	-
Inflexion Buyout Fund VII	Inflexion	n/a	approved	-	-	-	-	-
International Farming Corporation Separate Account	n/a	$229M	approved	-	-	-	-	-
Kayne Anderson Core Real Estate Fund	Kayne Anderson	$150M	approved	-	-	-	-	-
LS Power Fund VI	n/a	$200M	approved	-	-	-	-	-
Stonepeak Opportunities Fund II LP	Stonepeak	$100M	approved	-	-	-	-	-
Apollo Investment Fund XI, L.P.	Apollo	$200M	approved	-	-	-	-	-
Quad-C XI	Quad-C Management, Inc.	$300M	approved	-	-	-	-	-
Silver Hill Energy Partners V	n/a	$100M	approved	-	-	-	-	-
Meadow Real Estate Fund VII LP	n/a	$125M	approved	-	-	-	-	-

What changed

41 events

Sep 17, 2026Manager terminated
Virginia Retirement System (VRS) terminates Eminence Capital (Public Equity)
varetire.org
Aug 14, 2026Commitment closed
Virginia Retirement System (VRS) commits $200M to ValueAct Strategic Global Fund II, closed 2026-08-14
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $50M to Monomoy V Co-invest SMA
with Monomoy Capital Management, L.P.varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $150M to Beach Point Credit Tactical Fund II
with Beach Point Capital Management LPvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $300M to Blue Owl Real Estate Fund VII
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $500M to BlackRock 32 Capital
varetire.org
Aug 12, 2026Manager terminated
Virginia Retirement System (VRS) terminates Eminence Capital (Public Equity)
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $300M to BlackRock GAO
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $500M to PIMCO Multi-Strategy Custom Mandate
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $100M to Stonepeak Opportunities Fund II
with Stonepeakvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $229M to International Farming Corporation Separate Account
varetire.org
Aug 12, 2026Manager terminated
Virginia Retirement System (VRS) terminates AgIS (Real Assets)
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $200M to LS Power Fund VI
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $150M to EQT Transition Infrastructure
with EQTvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $125M to Meadow Real Estate Fund VII
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $150M to Apollo Manufactured Housing Property Fund
with Apollovaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $100M to Silver Hill Energy Partners V
varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $150M to Kayne Anderson Core Real Estate Fund
with Kayne Andersonvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $300M to Quad-C XI
with Quad-C Management, Inc.varetire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed €166 Million to Inflexion Buyout Fund VII
with Inflexionvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed €200 Million to Charterhouse XII
with Charterhouse Capital Partners LLPvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed €100 Million to Charterhouse XII Co-invest SMA
with Charterhouse Capital Partners LLPvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $201M to Apax Digital Fund III
with Apaxvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $200M to General Atlantic SMA II
with General Atlanticvaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $200M to Apollo Investment Fund XI
with Apollovaretire.org
Aug 12, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $400M to Ares Pathfinder III
with Aresvaretire.org
Apr 23, 2026Consultant changed
Virginia Retirement System (VRS) selects Mercer as general consultant
with Mercervaretire.org
Apr 23, 2026Manager terminated
Virginia Retirement System (VRS) terminates AgIS Farmland (Real Assets)
varetire.org
Apr 23, 2026Policy updated
Virginia Retirement System (VRS) adopts a policy change: Defined Benefit Plan Strategic Asset Allocation
varetire.org
Apr 23, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $400M to Ares Pathfinder III
with Aresvaretire.org
Apr 23, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $500M to PIMCO Multi-Strategy Custom Mandate
varetire.org
Apr 23, 2026Policy updated
Virginia Retirement System (VRS) adopts a policy change: Credit Strategies, Diversifying Strategies, Private Equity, Private Investment Partnerships
varetire.org
Apr 23, 2026Policy updated
Virginia Retirement System (VRS) adopts a policy change: Unbundled and Bundled Defined Contribution Plans Investment Policy Statements
varetire.org
Apr 23, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed $50M to Monomoy V Co-invest SMA
with Monomoy Capital Management, L.P.varetire.org
Apr 23, 2026Commitment approved
Virginia Retirement System (VRS) reports as committed €100 Million to Charterhouse XII Co-invest SMA
with Charterhouse Capital Partners LLPvaretire.org
Apr 23, 2026Policy updated
Virginia Retirement System (VRS) adopts a policy change: Defined Contribution Plans
varetire.org
Feb 5, 2026Consultant changed
Virginia Retirement System (VRS) selects Mercer as general consultant
with Mercervaretire.org
Jun 30, 2024Assets changed
Virginia Retirement System (VRS) fiduciary net position $23.4B -> $105.6B (+352.1%, 2023-06-30 to 2024-06-30)
www2.census.gov
Jun 30, 2024Assets changed
Virginia Retirement System (VRS) total assets $103.7B -> $107.6B (+3.8%, 2023-06-30 to 2024-06-30)
www2.census.gov
Jun 30, 2023Assets changed
Virginia Retirement System (VRS) fiduciary net position $94.2B -> $23.4B (-75.2%, 2022-06-30 to 2023-06-30)
www2.census.gov
Jun 30, 2023Assets changed
Virginia Retirement System (VRS) total assets $95.4B -> $103.7B (+8.7%, 2022-06-30 to 2023-06-30)
www2.census.gov

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.

Provenance

Identifiers: Census PID6 226304

Cross-graph: no entry on another DFX graph

First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.