2 more people, 14 more managers, 31 more commitments and 63 more dated events

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Virginia Retirement System (VRS)

State retirement systemstate general· Virginia

State retirement system, based in Virginia, reporting $114B in assets, for 655,064 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$114B
Private allocation
47.0%
Fund commitments
33
Managers
1
As of · the latest dated event for this allocator; each figure carries its own filing or report date

What matters now

  1. $200M
    approved, 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.

    Factboard minutes, 14 Aug 2026For GPs raising in these strategies, placement agentsBoard record →
  2. 2 managers
    terminated 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.

    Factboard minutesFor competing managers in the same strategyTerminations and watch lists →

Capital path

who backs this record, through what, into what; each name opens its own path
Who decides
All 5
Virginia Retirement System (VRS)
Funds committed to
All 6
Managers
All 17
Size, funding, policy and commitments, with their basesState retirement systemShow
State retirement system
Assets
$114B
Fiduciary net position, Jun 30, 2025 reported
Funded
not on record
not filed
Private markets target
47.0%
policy Jun 30, 2025
Commitments
33
30 dated closings
Allocation policy
ACFR, as of Jun 30, 2025
Asset class (as printed)BucketTargetRangeActualGapBasis
CashCash2.0%1.8%-0.2reported varetire.org
Fixed IncomeFixed income16.0%15.2%-0.8reported varetire.org
Diversifying StrategiesHedge / diversifiers6.0%4.1%-1.9reported varetire.org
LeverageOther-3.0%-1.2%+1.8reported varetire.org
Credit StrategiesPrivate credit16.0%15.2%-0.8reported varetire.org
PIP – Private Investment PartnershipsPrivate equity1.0%1.8%+0.8reported varetire.org
Private EquityPrivate equity15.0%16.0%+1.0reported varetire.org
Public EquityPublic equity32.0%33.6%+1.6reported varetire.org
Real AssetsReal assets15.0%12.7%-2.3reported varetire.org
Actual allocation lines without a target (as filed)
  • Exposure Management Portfolio 0.8%
Consultants and advisers
3 firms
People
5 roles
Chief investment officer
Andrew H. Junkin
Chief Investment Officer (Jun 30, 2025) varetire.org
Andrew H. Junkin, Chief Investment Officer

+2 more people on the investment staff and board

Every name, title and published role at this allocator, with the page it was read from.

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Manager roster
17 managers on the commitment tape
From the plan’s own commitment disclosures
  • 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

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What changed
68 events
  • Sep 17, 2026Manager terminated
    Virginia Retirement System (VRS) terminates Eminence Capital (Public Equity)
  • Aug 14, 2026Commitment closed
    Virginia Retirement System (VRS) commits $200M to ValueAct Strategic Global Fund II, closed 2026-08-14
  • Aug 12, 2026Commitment approved
    Virginia Retirement System (VRS) reports as committed $150M to EQT Transition Infrastructure
    with EQTvaretire.org
  • Aug 12, 2026Manager terminated
    Virginia Retirement System (VRS) terminates AgIS (Real Assets)
  • Aug 12, 2026Commitment approved
    Virginia Retirement System (VRS) reports as committed $200M to LS Power Fund VI

+63 more dated events

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Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Commitments
34 rows, 1 dated closings
DateFundManagerBucketAmountVintageStatusSource
Aug 14, 2026ValueAct Strategic Global Fund IIco investmentValueActPublic equity$200MCommitted (dated)varetire.org
as of Aug 12, 2026Blue Owl Real Estate Fund VIIBlue OwlPrivate credit$300MApprovedvaretire.org
as of Aug 12, 2026International Farming Corporation Separate Accountseparate accountInternational Farming CorporationReal assets$229MApprovedvaretire.org

+31 more commitments

Every fund and manager this allocator committed to, with the amount, date and source on each.

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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
33 decisions the board record started
VehicleManagerAmountStateProposedApprovedClosedFirst reportedOther LPs
PIMCO Multi-Strategy Custom Mandaten/a$500Mapproved-Apr 23, 2026---
Stonepeak Opportunities Fund II LPStonepeak$100Mapproved-Apr 23, 2026---
BlackRock GAOn/a$300Mapproved-Apr 23, 2026---

+30 more board decisions

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Provenance
Identifiers: Census PID6 226304
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Sep 23, 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.

Not yet on record: funded ratio.

Capital chain

Virginia Retirement System (VRS) sits on 24 traced paths of capital across the graphs.

Allocator commitments to a manager

DFX traced 24 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

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Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

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Record history

68 dated events on the change ledger, latest first
  • Consultant changed
    2026-02-05source
  • Commitment approved
    2026-02-05source
  • Manager terminated
    2026-02-05source

+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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