Virginia Retirement System puts $525m in Blackstone, QuadCP, Artemis funds

Virginia Retirement System (VRS), the 18th largest pension plan in the United States, with more than $100 billion of assets under management, has committed $525 million to three real estate funds, according to a recent investment report.

The pension fund committed $200 million each to Blackstone Real Estate Partners Asia III (BREP Asia III), a pan-Asia focused closed-end fund focused on opportunistic real estate; and QuadCP Fund I, a U.S. focused closed-end fund for opportunistic real estate.

It also allocated $125 million for Artemis Real Estate Partners Fund IV, a closed-end fund investing in value-add and opportunistic U.S. real estate.

As of October 2021, BREP Asia III had secured $4 billion, against a target of $9 billion. The BREP Asia III fund’s predecessor, BREP Asia II, closed in 2018 with $7.1 billion of capital commitments.

A fundraising target for QuadCP Fund I could not be determined at the time of publication.

Artemis Real Estate Pa