Virginia Retirement System has invested $200m (€189.3m) in opportunistic US real estate via a Quad Capital Partners-managed fund.
The pension fund disclosed in a meeting document that it has made the capital commitment to QuadCP Fund II.
The fund aims to achieve gross returns in the range of 15% to 20%, which is consistent with the expected returns for opportunistic real estate strategies. The fundraisng target for Fund II is currently unknown.
The majority of the fund’s capital will be allocated to multifamily properties located in university towns across the US.
Virginia Retirement added Quad Capital to its real estate manager lineup in early 2022 when it made a $200m commitment to the QuadCP Fund I.
Quad Capital declined a request for comment.
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