The investment department of the $80.4 billion Virginia Retirement System (VRS) has committed $50 million to Scout Energy Partners’ fifth U.S. energy fund, according to a recently released investment document.
The investment officially closed on June 3.
Private investment firm Scout Energy will use the funds to acquire and operate mid-sized upstream conventional oil and gas properties on behalf of a range of institutional investors. These include academic endowments, public and private pensions, foundations, multi-family and single-family offices, funds of funds, healthcare systems, and insurance pools, according to the firm. Its assets are located in well-established producing basins, shallow wellbores and highly forecastable, shallow production decline curves.
As of March 31, VRS has a 13.7 percent ($11 million) allocation to its real assets portfolio, which includes infrastructure.
