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Virginia Retirement System

Pension fund · Founded 1942 · Richmond, United States

#122 LP Ranking #58 of 1,316 pension funds

Administering retirement benefits for Virginia's public employees

127 VC firms backed
$100B AUM
~$2.0B Allocated to VC (est. 2%)
01 · Background

Who Virginia Retirement System is.

Historical Background
The Virginia Retirement System (VRS) was established on July 1, 1942, evolving from the state's first public retirement plan, the Retired Teachers' Fund, which was created in 1908. On March 1, 1952, the system was reconstituted as the Virginia Supplemental Retirement System to incorporate Social Security benefits, making Virginia one of the first states to do so.
Source of Capital
The system's capital is sourced from the contributions of Virginia's public sector employees, including state and local government workers, teachers, and school administration staff. As an independent state agency, it administers pension plans, retirement savings plans, and other benefits for its members.
02 · Fund commitments

The funds Virginia Retirement System backs.

Virginia Retirement System is a limited partner in 127 funds. 18 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

New Enterprise Associates
United States
#8 Power Law
Insight Partners
United States
#23 Power Law
Redpoint
United States
#42 Power Law
Atlas Venture
United States
#53 Power Law
Matrix Partners
United States
#58 Power Law
General Atlantic
United States
#60 Power Law
Menlo Ventures
United States
#75 Power Law
BlackRock
United States
#83 Power Law
IVP
United States
#84 Power Law
TPG
United States
#158 Power Law
Summit Partners
United States
#168 Power Law
Bain Capital
United States
#239 Power Law
03 · Allocation

How Virginia Retirement System’s fund book is spread.

The 127 funds Virginia Retirement System backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters.

  • North America 10180%
  • Europe 2117%
  • Rest of world 54%

United States 99 · United Kingdom 12 · Australia 2 · Canada 2

How established those managers are

Managers grouped by how many funds they have raised — across the 94 of 127 with a fund history on record.

Emerging funds · 29
Established funds · 65
15 1
7 2
7 3
5 4
16 5-6
16 7-9
13 10-14
15 15+
Funds raised by the manager
05 · Direct investments

The companies Virginia Retirement System backs directly.

Virginia Retirement System holds 6 companies directly, separate from the funds it commits to as a limited partner.

Fortinet
Security · USA
$114B valuation Centicorn
Lockheed Martin Global
Transportation · USA
$152B valuation Centicorn
The Harris Poll
Marketing · USA
Weatherford
Real Estate · Switzerland
$6.5B valuation Unicorn
Mettler Toledo
Health · Switzerland
$31B valuation Decacorn
The GEO
Real Estate · USA
$5.6B valuation Unicorn
06 · Portfolio market map

Inside Virginia Retirement System’s portfolio.

The 6 highest-funded portfolio companies, of 1 tracked.

Fortinet
Security · Centicorn
$114B
Lockheed Martin Global
Transportation · Centicorn
$152B
The Harris Poll
Marketing
Weatherford
Real Estate · Unicorn
$6.5B
Mettler Toledo
Health · Decacorn
$31B
The GEO
Real Estate · Unicorn
$5.6B