Virginia Retirement System is investing in US onshore oil and gas development projects through a PetroCap Partners-managed fund.
Virginia Retirement disclosed in a board meeting document that it had made the real assets investment by committing a $100m (€96.5m) to PetroCap Partners IV, a fund with a five-year investment period.
PetroCap Partners expects a larger fundraising total for its latest fund compared to the $300m raised for Partners III and the $350m for Partners II.
The manager usually makes investments of $25m to $75m, often as a working interest partner.
PetroCap Partners did not respond to a request for comment.
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