VRS Reports Return of 9.9% and Hits Record High for Fund

RICHMOND, Va., Aug. 14, 2024 /PRNewswire/ -- The Virginia Retirement System reported a 9.9% return, net of fees, on its investment portfolio for fiscal year 2024, ending the year with a market value of approximately $113.9 billion, a record high.

"VRS executes its investment strategy and decisions keeping the best interests of VRS members, retirees and beneficiaries as a foundational tenet," said VRS Board of Trustees Chair A. Scott Andrews. "The fund has exceeded the 6.75% assumed rate of return and its custom benchmark for the five-, 10-, 15- and 20-year periods. As a long-term investor, VRS has positioned the fund to meet its obligations to our teachers, first responders and other public servants now and well into the future."

"Our work is focused on generating long-term returns while managing risks," added Chief Investment Officer Andrew Junkin. "A highly diversified portfolio is central to our strategy. Through active management, our investment team has added approximately $7.2 billion to the portfolio over the past decade. That's especially important because investment earnings fund about two-thirds of benefit payments to VRS retirees and beneficiaries."

The major asset classes performed as follows for the fiscal year ending June 30, 2024:

• Public equity program returned 20.1%
  
  
• Private equity program returned 5.8%
  
  
• Real assets program returned -3.2%
  
  
• Credit strategies program returned 11.7%
  
  
• Diversifying strategies returned 9.7%
  
  
• Private investment partnerships returned 8.2%
  
  
• Fixed income program returned 3.8%

SOURCE Virginia Retirement System