Virginia Retirement System has made $725m (€628.7m) worth of commitments to real estate funds managed by Blue Owl Capital, Apollo, Kayne Anderson and Meadow Partners.
The pension fund disclosed in a board meeting document that it had committed $300m to Blue Owl Real Estate Fund VII, issued $150m to the Apollo Manufactured Housing Property Fund, $150m to the Kayne Anderson Core Real Estate Fund and $125m to the Meadow Real Estate Fund VII.
As previously reported, the Blue Owl strategy targets US office, industrial, retail and data-centre assets, typically backed by minimum 11-year leases.
The Apollo fund is an open-ended core-plus fund holding 43 operational manufactured housing assets, with flexibility to acquire existing properties or pursue ground-up developments.
The Kayne Anderson fund is a core, open-ended strategy that completely avoids traditional office, industrial, retail and residential sectors. It held nearly $4bn in assets as at late 2025, with a portfolio comprising 73.9% medical office, 14.7% senior housing and 11.4% student housing.
Virginia Retirement expects its Kayne Anderson commitment to be drawn down over the next six months.
The Meadow Partners fund is a closed-end opportunistic vehicle targeting residential, industrial and retail acquisitions, preferred equity and distressed debt across New York and London.
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