US - The US$48.5bn Virginia Retirement System (VRS) achieved a 12.4% return on its investment portfolio for fiscal year 2006, comfortably beating its benchmark of 11.8%.
The VRS said returns were largely driven by its private equity (28.6%) and real estate (23.4) investments. VRS also achieved a 15.3% return in public equity and 5.3% in credit strategies.
Fixed income faired poorly with a -0.6% return.
Overall the fund added approximately $285m in excess returns, while the three-year annualised return was 14.0% and the five-year annualised return was 7.1%.
CIO Charles Grant said the fund's diversified portfolio produced attractive returns at an acceptable level of risk. "The economy was strong, and market conditions were favourable for equity and real estate investments," said Grant.
The portfolio included $31.8bn in public equity, $9.7bn in fixed income, $2.7bn in private equity, $2.3bn in real estate and $2bn in credit strategies, as of June 30, 2006.
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