Virginia Retirement System Hits $135 Billion as Returns Top Targets

The gains, which pushed the fund's total value up by approximately 10.1% over the prior year, were led by a robust 23.8% return from the public equity program. Other sectors provided steadier contributions: credit strategies returned 8.3%, diversifying strategies saw 7.1%, and real assets added 6.7%. Fixed income and private equity programs trailed at 5.3% and 5.2% respectively, while private investment partnerships delivered 9.7%.

Board chair Susan T. Gooden noted that the investment team generated an additional $6 billion over the last decade compared to a passive indexing strategy. CIO Andrew Junkin attributed the success to a disciplined, long-term approach that prioritizes diversification over short-term market fluctuations. As the 15th largest pension fund in the U.S., the agency relies on these earnings to cover roughly two-thirds of the benefit payments for its 861,000 members, including teachers, state police, and local government employees.