Virginia Retirement commits $300m to Castlelake private credit fund
Virginia Retirement System has committed $300m to Castlelake Asset-Based Private Credit IV, the US investment manager's latest asset-based lending vehicle, according to a report by IPE Real Assets citing pension fund board documents.
The Virginia Retirement System has pledged $300 million to Castlelake Asset-Based Private Credit IV, a recent addition to the US investment manager's suite of asset-based lending products, according to IPE Real Assets, which obtained the information from pension fund board documentation. This commitment will be channeled through the retirement system's credit strategies program, with the capital anticipated to be distributed over a three-year timeframe.
Castlelake is currently in the initial stages of raising capital for the new vehicle, but has not yet disclosed a target size. The fund is expected to focus on a diverse array of asset-backed credit opportunities, encompassing commercial and residential real estate mortgages, as well as aviation finance transactions.
The introduction of this new fund builds upon Castlelake's previous asset-based private credit efforts. Castlelake Asset-Based Private Credit III concluded in August 2025, securing a total commitment of $2.23 billion. The recent allocation of funds to the new vehicle underscores the ongoing institutional appetite for asset-based private credit strategies, which offer exposure to loans secured against tangible assets and financial receivables, distinct from conventional corporate direct lending.
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