Key Takeaways
- • Virginia Retirement System has committed $300m (€267m) to Castlelake Asset-Based Private Credit IV, according to IPE Real Assets citing pension fund board documents.
- • The commitment will be made through the retirement system's credit strategies programme, with capital deployed over a three-year funding period.
- • Castlelake is in the early stages of fundraising for Fund IV and has not disclosed a target size.
- • The vehicle follows Castlelake Asset-Based Private Credit III, which closed in August 2025 with $2.23bn in total commitments.
Summary
Virginia Retirement System has committed $300m (€267m) to Castlelake Asset-Based Private Credit IV, the latest asset-based lending vehicle from the US investment manager Castlelake, according to a report by IPE Real Assets citing pension fund board documents. The commitment is being 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. These are loans secured against physical assets and financial receivables, sitting outside traditional corporate direct lending.
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, as pensions and other allocators seek exposure to secured lending structures.
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. These are loans secured against physical assets and financial receivables, sitting outside traditional corporate direct lending.
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, as pensions and other allocators seek exposure to secured lending structures.
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