Virginia Retirement System, Richmond, invested or committed $753 million in public equity, private equity, real estate, and credit funds, the total fund amounting to $65.2 billion. Ariel Investments was hired to run $250 million in public equity, Sycamore Partners to run $150 million in private equity, Littlejohn & Co to use $100 million in a middle-market buyout fund, ABRY Partners to manage $30 million in a direct lending fund, a fund formed by Blackstone to utilize $91 million towards real estate commitments, and Beach Point Capital to commit $50 million to credit strategies. All the funding came from cash.
The early-stage venture investor firm Spark Capital recently raised $375 million for Spark Capital Growth Fund LP, with Jerem Philips as one of the partners (former News Corp. Exec). Growth funds like these have been popular with limited partners recently, with such firms as Insight Venture Partners and Technology Crossover Ventures raising billions of dollars for growth funds. Besides Mr. Philips, existing general partners include Todd Dagres, Santo Politi, and Paul Conway.