Virginia Retirement System has backed True Green Capital’s latest infrastructure with a $100m (€88m) capital commitment.
The pension fund disclosed in a meeting document that it has committed the capital to True Green Capital Fund V, which has a $1bn fundraising target.
True Green Capital’s Fund IV reached a final close in June 2022, raising $660m.
Virginia Retirement expects Fund V, which currently holds no assets, to invest in renewable-energy assets in both the US and Europe, with targeted returns consistent with core-plus infrastructure.
True Green Capital is known for investing in distributed, commercial and industrial solar-power generation projects, batteries and microgrids.
True Green Capital did not respond to a request for comment.
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