- March 2011: Vol. 23 No. 3

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Shop Talk: A Conversation with Field Griffith

by Larry Gray

The Virginia Retirement System (VRS) has been an active player in the real estate investment arena during the past 30 years. The $53 billion fund made more than $1 billion of investments and commitments in 2010. Larry Gray, editor of The Institutional Real Estate Letter – North America, recently spoke with Field Griffith, director, real estate investments, at VRS, to discuss the fund’s investment program, strategies and plans for 2011.

Tell me about the VRS real estate program. What are your real estate assets under management, real estate target allocation, and the property type and geographic makeup of your portfolio?

VRS has been an active real estate investor since 1981. The portfolio today is broadly diversified across the four quadrants and all property types, primarily in the United States, but we also have a meaningful international component. We are currently managing a $3.3

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