Virginia Retirement System makes $300m of infrastructure investments
Investors - FEBRUARY 9, 2024

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Virginia Retirement System makes $300m of infrastructure investments

by Lewis Dayton

The Virginia Retirement System (VRS) has committed $100 million to DigitalBridge Partners Fund III (DPB III) and $200 million to a PGIM Energy Lending Separate Account.

DPB III is managed by DigitalBridge Investment Managers, the global digital infrastructure investment firm, and will invest in digital-infrastructure opportunities around the globe, including data centers, cell towers, edge infrastructure and indoor DAS infrastructure.

The predecessor to DPB III, DPB II closed in January 2022 after raising $8.3 billion in equity commitments.

The PGIM Energy Lending Separate Account will focus on opportunities in North American oil and gas lending.

As of June 30, 2023, 13.5 percent ($14.2 billion) of VRS’s portfolio was allocated toward real assets, slightly below its 14 percent target allocation for the asset class.

Within VRS’s real assets portfolio, approximately 66 percent of its holdings was in private real estate, 18 percent was in infrastr

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