VRS adds distressed credit, preps CIO search

The $105 billion Virginia Retirement System (VRS) allocated another $300 million to its existing $14.7 billion credit program in recent weeks as CIO Ronald Schmitz plans to retire at the end of next year, officials announced.

The Ares Special Opportunities Fund II was selected for a $300 million commitment. The Ares strategy is centered on middle market stressed and distressed credit funds in both the private and public market. Other investors in this fund, reportedly set to raise $4 billion, include the Texas County & District Retirement System.

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