The Virginia Retirement System has given $50m (£34.9m) to First Reserve IX - a private equity fund.
Funding for the $50m commitment will come from cash, according to a spokesman for the $37.5bn (£26.1bn) fund. Currently, the fund has about $3.8bn or 10% of total assets invested in private equity.
In February, the fund committed $350m (£244m) to its private equity portfolio. A sum of $50m was placed with US Venture Partners and $75m (£52.3m) with Atlas Ventures. Austin Ventures received $50m, Summit Ventures $100m (£69.7m) and $75m went to Madison Dearborn Capital Partners.
First Reserve is an independent private equity firm specialising in the energy industry, and currently has $2.8bn (£2bn) worth of assets under management in six funds. Founded in 1980, First Reserve was the first private equity investment firm to actively pursue building a broadly diversified investment portfolio within the energy industry.
At present, the firm manages a diversified portfolio of energy holdings with a market value in excess of $1.7bn (£1.18bn). Additionally, First Reserve has $1.2bn (£837m) in committed capital available for investment in Fund IX.
*First Reserve’s main investor base is institutional and consists mostly of corporate and public retirement funds, endowments, and foundations.
By Geoffrey Ho
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.