Virginia Retirement System (VRS) plans to commit $250m (€170.5m) over the next five years to a new infrastructure separate account relation created in partnership with Barings.
The pension fund disclosed in a board meeting document that it has approved the initial commitment through its credit strategies asset class.
According to VRS, Barings has full investment discretion over the opportunistic separate account, allowing the manager to make investment decisions independently.
Most of the separate account capital will be deployed in the US, targeting both public and private infrastructure debt transactions.
Barings declined a request for comment.
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