Virginia Retirement System (VRS)
State retirement system, based in Virginia, reporting $114B in assets, for 655,064 participants.
Composed from this allocator's classification, location and filed figures.
What matters now
- $200Mapproved, 1 fund
$200M approved across 1 fund on 14 Aug 2026: ValueAct Strategic Global Fund II $200M.
14 Aug 2026 · The board's newest commitments, the managers it is backing now.
- 2 managersterminated or on watch
Virginia Retirement System (VRS) terminates Eminence Capital (Public Equity); Virginia Retirement System (VRS) terminates AgIS (Real Assets).
17 Sep 2026 · A termination frees an allocation; a watch listing often comes before one.
10 more people, 14 more managers, 31 more commitments and 63 more dated events
Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
People to know
View all people- Chief Investment OfficerWhy: Chief investment officer: owns the allocation decisionEmail
Capital path
who backs this record, through what, into what; each name opens its own path- Andrew H. JunkinChief Investment Officer
- Andrew H. JunkinChief Investment Officer
- A. Scott AndrewsChair
- LS Power Fund VI$200M committed
- Apollo Investment Fund XI$200M committed
- Lead Edge Capital Fund VII$150M committed
- Barings LLC$750M across 1 commitment
- Ares$700M across 2 commitments
- Apollo$350M across 2 commitments
Relationship network
64 connected entities34 observed commitments4 repeat counterparties$7.2B disclosed commitments (31 commitments)7 dated commitments shown here, 2026
From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.
- Sponsor
- Fund or vehicle
- Service provider
- Person
›How strength and recency are read
Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Size, funding, policy and commitments, with their basesState retirement systemShowHide
Allocation policy
| Asset class (as printed) | Bucket | Target | Range | 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 |
- Exposure Management Portfolio 0.8%
Consultants and advisers
- Mercer General consultantthrough Feb 5, 2026 Board minutes
- Bank of New York Mellon Custodianthrough Jun 30, 2025 ACFR
- Gabriel, Roeder, Smith & Company (GRS) Actuarythrough Jun 30, 2025 ACFR
Decision makers
- Andrew H. Junkin · Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibilityWork email on file (the allocator's own staff page), confirmed 2026-09-30, confidence 90%
Who else at this allocator · 1 person, grouped by function
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. 1 with a route on file. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
People
- A. Scott Andrews ChairBoard chair
+10 more people on the investment staff and board
Every name, title and published role at this allocator, with the page it was read from.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Manager roster
- Barings LLC$750M, 1 row, latest Apr 8, 2026
- Ares$700M, 2 rows, latest Apr 23, 2026
- Apollo$350M, 2 rows, latest Aug 12, 2026
+14 more managers received commitments
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What changed
- Sep 17, 2026Manager terminatedVirginia Retirement System (VRS) terminates Eminence Capital (Public Equity)
- Aug 14, 2026Commitment closedVirginia Retirement System (VRS) commits $200M to ValueAct Strategic Global Fund II, closed 2026-08-14
- Aug 12, 2026Commitment approvedVirginia Retirement System (VRS) reports as committed $150M to EQT Transition Infrastructurewith EQTvaretire.org
- Aug 12, 2026Manager terminatedVirginia Retirement System (VRS) terminates AgIS (Real Assets)
- Aug 12, 2026Commitment approvedVirginia Retirement System (VRS) reports as committed $200M to LS Power Fund VI
+63 more dated events
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Commitments
| 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 | |
| as of Aug 12, 2026 | Blue Owl Real Estate Fund VII | Blue Owl | Private credit | $300M | Approved | varetire.org | |
| as of Aug 12, 2026 | International Farming Corporation Separate Accountseparate account | International Farming Corporation | Real assets | $229M | Approved | varetire.org |
+31 more commitments
Every fund and manager this allocator committed to, with the amount, date and source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Size and funding
Commitment history
How the history is foldedOne 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 |
|---|---|---|---|---|---|---|---|---|
| PIMCO Multi-Strategy Custom Mandate | n/a | $500M | approved | - | Apr 23, 2026 | - | - | - |
| Stonepeak Opportunities Fund II LP | Stonepeak | $100M | approved | - | Apr 23, 2026 | - | - | - |
| BlackRock GAO | n/a | $300M | approved | - | Apr 23, 2026 | - | - | - |
+30 more board decisions
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Provenance
Provenance
Not yet on record: funded ratio.
Virginia Retirement System (VRS) sits on 24 traced paths of capital across the graphs.
DFX traced 24 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Manager terminated2026-09-17source on record
- Commitment made2026-08-14source on record
- Commitment approved2026-08-12source on record
+65 more changes on this record's ledger
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The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.
›Connections
every published relationship on the graph
+10 connections on the graph
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