Virginia Retirement System (VRS) has terminated its $88m (€84.7m) infrastructure separate account with Brookfield due to a shift in strategy by the pension fund.

The Brookfield infrastructure separate account – held in the pension fund’s global real assets portfolio – invested in publicly listed infrastructure companies globally.

VRS told IPE Real Assets: “The termination resulted from this account no longer fitting in with the strategy for the overall portfolio.”

The pension fund is yet to decide how the redeemed capital will be invested in future.

“The Brookfield termination proceeds will be placed into cash at this time,” VRS said.

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