Virginia Retirement makes massive investments to TA, Stone Point funds

Virginia Retirement System announced more than $1.7 billion in private equity commitments it’s made so far this year at its investment meeting in August, according to Public Relations Director Jeanne Chenault.

In April, the system committed $325 million to TA Associates’ TA XIII, LP, targeting $7.5 billion. The pool focuses on global growth companies in the financial services, consumer, technology, health care and business services sectors.

In May, Virginia Retirement pledged $150 million to Advent International’s GPE IX fund, which reached a $17.5 billion hard cap in June, exceeding its $16 billion target. GPE IX invests in the business and financial services, healthcare, retail and consumer, industrial and technology sectors in North America and Europe.

Virginia also committed $20 million to Advent’s tech-focused fund that serves as a companion to GPE IX, targeting $1 billion, in June.

The board in June committed $750 million to GCM Grosvenor’s 2019-2023 series, which is an account for “smaller and emerging funds” that plans to commit up to $150 million per year for five years, according to the system.

The system made three commitments in July: $200 million to Stone Point Capital’s Trident VIII fund, a financial service focused, midmarket buyout fund; $90 million to H.I.G. Capital’s Middle Market III fund, which focuses on complex and distressed investments in North America, targeting $3 billion, according to the SEC; and $250 million to Apax Partners’ tenth fund, targeting $10 billion. Apax X focuses on technology and telecommunications, healthcare and consumer sectors.

Virginia’s private equity allocation sat at 11.3 percent as of Mar. 31.