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
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