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 commitment will be made through the retirement system’s credit strategies programme, with capital expected to be deployed over a three-year funding period.
Castlelake is in the early stages of fundraising for the vehicle and has not disclosed a target size.
The fund will reportedly invest across a range of asset-backed credit opportunities, including commercial and residential real estate mortgages and aviation finance transactions.
The new vehicle follows Castlelake Asset-Based Private Credit III, which closed in August 2025 with $2.23bn in total commitments.
The allocation reflects continued institutional interest in asset-based private credit strategies, which provide exposure to loans secured against physical assets and financial receivables outside traditional corporate direct lending.
