The Virginia Law Officers’ Retirement System (VaLORS) provides retirement and disability benefits to Virginia’s state law enforcement officers, including State Police, Capitol Police, and other sworn law enforcement personnel. VaLORS is administered by the Virginia Retirement System (VRS), and its assets are invested through the VRS pooled investment portfolio.
Investment Strategy
VaLORS assets benefit from VRS’s sophisticated investment program. The combined VRS portfolio exceeds $100 billion and is diversified across public equities, fixed income, private equity, real estate, infrastructure, private credit, and hedge funds. VRS allocates approximately 24% to alternatives, giving VaLORS members access to one of the most developed alternatives programs among U.S. public pension funds.
Private equity investments span the full spectrum of strategies globally. Real estate includes direct investments and fund commitments. Infrastructure and private credit provide stable income. VRS has been investing in private markets since the 1980s and has built deep GP relationships.
How to Approach
GPs should engage with the VRS investment team in Richmond. Since all VRS plans share the same investment program, a relationship with VRS provides access to VaLORS and other plan assets. VRS is a large, sophisticated allocator that evaluates managers on performance, strategy, team quality, and alignment of interests.
Frequently Asked Questions
How are VaLORS assets invested?
VaLORS assets are invested through the Virginia Retirement System's pooled investment portfolio, which allocates approximately 24% to alternatives. VRS manages over $100 billion in combined assets across all plans.
What is the relationship between VaLORS and VRS?
VaLORS is one of several retirement plans administered by VRS. All VRS plans share the same investment program, so VaLORS members benefit from the same institutional-quality investment management as the larger VRS plans.
How should GPs engage with VaLORS/VRS?
GPs should contact the VRS investment team in Richmond. VRS manages a $100 billion combined portfolio and has a large internal alternatives team. Engaging with VRS covers VaLORS and all other VRS-administered plans.
