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The Commonwealth of Virginia
Andrew Junkin runs Virginia's $100B+ public-employee pension — one of the largest internal managers among US state funds.
The Commonwealth of Virginia
The Virginia Retirement System was established by the General Assembly to provide retirement security for the Commonwealth's teachers, state employees, and local government workers. CIO Andrew Junkin, who stepped into the role after serving as the fund's director of private equity, manages an investment program that spans 200+ external manager relationships alongside a growing internal public-markets desk. The fund's asset allocation is anchored by public equity and fixed income but has steadily tilted toward private markets over the last decade. VRS targets roughly 15–18% of its portfolio toward private equity, 10–12% toward real assets, and a smaller but expanding allocation to private credit. The fund participates through fund commitments, direct co-investments, and separate accounts. Confirmed positions include commitments to growth-stage managers, infrastructure platforms, and a dedicated emerging-manager portfolio seeded in the mid-2010s. Geographic exposure is global, with concentrations in North American middle-market buyout, European infrastructure, and select Asia-Pacific growth equity. Headquartered in Richmond, the system is governed by a nine-member Board of Trustees appointed by the Governor and legislative leaders. The investment staff has grown to approximately 60 professionals. VRS distinguished itself through an early, sustained commitment to emerging and diverse managers — a program that has committed billions since inception and is watched closely by peer US public funds. In 2023, the fund's annual report noted progress toward its private-markets pacing targets amid a disciplined rebalancing program. Unlike most large US public pensions, VRS manages a material portion of its public equity assets internally, reducing fee leakage and giving staff direct execution capability. This hybrid internal-external model — combined with an emerging-manager program that functions as both a sourcing differentiator and a diversity mandate — creates an architecture distinct from the consultant-driven, fund-of-funds posture typical of its in-state peers.
General information
Firm type
Pension Fund
Year founded
1942
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Richmond
Corporate office
Richmond, VA, United States
Principals
Andrew Junkin
Chief Investment Officer
Robert Schaefer
Chair, Board of Trustees
Sector focus
Frequently asked questions
Who runs investment decisions at the Virginia Retirement System?
Andrew Junkin serves as Chief Investment Officer. Junkin previously led the fund's private equity program and was elevated to CIO following a national search. The Board of Trustees sets asset allocation and policy, while Junkin and his team execute manager selection, internal portfolio management, and co-investment decisions.
How does VRS source manager relationships and proprietary deal flow?
VRS sources through internal research, consultant partnerships, and a well-established emerging-manager program that acts as a pipeline for earlier-stage manager relationships. The fund also participates in direct co-investments alongside its existing general partners, giving it access to individual deal-level economics outside of commingled fund structures.
Is Virginia Retirement System structured like a typical state pension fund?
Yes, with one notable difference: VRS manages a significant share of its public equity assets internally rather than outsourcing everything to external managers. This hybrid approach reduces fees and requires in-house trading and research capabilities that most state funds do not maintain.
What is the fund's stance on co-investment rights alongside external managers?
VRS actively pursues co-investments across private equity and real assets, typically alongside core fund relationships where the manager offers deal-level co-investment. The program is administered through the private markets team and is viewed as a fee-reduction and returns-enhancement lever.
Does VRS run a dedicated emerging-manager program?
Yes. VRS built one of the earliest and largest emerging-manager programs among US public pensions, committing billions to smaller and diverse managers since the mid-2010s. The program spans private equity, real assets, and public markets, functioning as both a policy goal and a sourcing strategy.
What asset classes does VRS explicitly avoid?
The fund has no disclosed absolute exclusions but has historically avoided significant direct hedge fund allocations, preferring to access absolute-return strategies through opportunistic credit or multi-asset mandates. It has also maintained a comparatively underweight position in commodities and dedicated timber/agriculture strategies relative to peer funds of similar size.
Is there a related philanthropic or endowment structure tied to the fund?
No. VRS is a defined-benefit public pension system funded by employer and employee contributions plus investment returns. There is no linked foundation, endowment, or philanthropic arm beyond occasional retirement-education partnerships with Virginia public universities.
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