The $81.6 billion Virginia Retirement System (VRS) has disclosed a $50 million commitment to Apollo U.S. Real Estate Fund III, a closed-end fund managed by Apollo Global Management.
Apollo U.S. Real Estate Fund III will invest in opportunistic real estate in the United States. Apollo declined to comment on the fundraising status of its real estate fund.
The commitment was made on behalf of VRS’ real assets portfolio. As of June 30, VRS had an 11.2 percent actual allocation to real assets, against a 13.8 percent target.
