Virginia Retirement System has committed $300m to Castlelake Asset-Based Private Credit IV, Castlelake’s latest asset-based lending vehicle, according to Private Equity Wire. 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, according to Private Equity Wire.
Commitment routed through VRS credit strategies programme
The $300m commitment will be made through Virginia Retirement System’s credit strategies programme, according to Private Equity Wire. Capital is expected to be deployed over a three-year funding period, according to the same report.
Fundraising status and target size disclosure
Castlelake is in the early stages of fundraising for Castlelake Asset-Based Private Credit IV, according to Private Equity Wire. Castlelake has not disclosed a target size for the vehicle, according to the report.
Reported investment scope: mortgages and aviation finance
The fund will reportedly invest across a range of asset-backed credit opportunities, including commercial and residential real estate mortgages and aviation finance transactions, according to Private Equity Wire. The report describes Castlelake as a US investment manager and identifies the vehicle as its latest asset-based lending fund.
Prior vintage: Asset-Based Private Credit III
The new vehicle follows Castlelake Asset-Based Private Credit III, which closed in August 2025 with $2.23bn in total commitments, according to Private Equity Wire. The Private Equity Wire item attributes the $300m commitment information to a report by IPE Real Assets citing pension fund board documents.
Asset-based private credit strategies provide exposure to loans secured against physical assets and financial receivables outside traditional corporate direct lending, according to Private Equity Wire.
