The $85.4 billion Virginia Retirement System (VRS) has committed $120 million to iCon Infrastructure Partners V during the month of March, an investment document has revealed.
iCON V is a closed-end fund focusing on middle-market infrastructure investments in Europe and North America.
The fund held its final close in early April with $1.9 billion in capital commitments, just three and a half months after it launched. iCON V was backed by a total of 65 investors, including pension funds, asset managers, sovereign wealth funds and insurance companies from Europe, North America, the Middle East and Asia.
The fund surpassed its $1.8 billion target.
VRS has an 11.3 percent actual allocation to real assets, which includes infrastructure, and a 13.2 percent target allocation to the asset class.
