Trustees for the $89 billion Virginia Retirement System (VRS) were told of the selection of three new alternative investment managers at their final board meeting for 2020.
Hired were Ares Management, Digital Colony and Charlesbank Capital Partners to manage a total of $500 million.
The largest allocation was to Ares Private Credit Solutions II totaling $300 million over an extended drawdown period. The offering is an upper middle market junior capital lending strategy that is tucked within the VRS credit strategies portfolio that totals $12 billion.
Infrastructure fund Digital Colony Partners II was . . .
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