Virginia Retirement System backed private equity funds from Veritas Capital and Leonard Green & Partners at its Nov. 13 meeting, according to Jeanne Chenault, the system’s public relations director.
The system committed $200 million to Veritas Capital Fund VII, a mega-buyout fund that invests in technology companies that work with government-related and customers. The fund raised $6.5 billion, surpassing its $5 billion target, according to PE HUB.
Veritas’ sixth fund also exceeded expectations, closing at $3.55 billion on a $3 billion target, in 2017.
Indiana Public Retirement System, Ohio Police & Fire Pension Fund, Oregon Public Employees’ Retirement System and City of Philadelphia Board of Pensions & Retirement collectively committed almost $400 million to Veritas VII, PEI data shows.
Virginia also invested $200 million to Green Equity Investors VIII, targeting $10 billion. The fund invests in consumer/retail, healthcare/wellness and business services industries in North America, Buyouts reported. Fund VIII invests between $400 million and $1 billion in companies.
Pensions such as Washington State Investment Board and Teachers’ Retirement System of Louisiana committed to Leonard Green VIII this year.
Private equity makes up 11.5 percent or $9.5 billion of Virginia Retirement’s portfolio, as of June 30.
Action Item: You can find the system’s performance summary as of June 30 here.