North Dakota puts $200 million with Ares for direct lending separate account

North Dakota State Investment Board, Bismarck, hired Ares Management to run at least $200 million in a customized senior secured, middle-market directing lending strategy, said David Hunter, executive director and chief investment officer of the North Dakota Retirement and Investment Office, in an email.

It is a first-time relationship.

The retirement and investment office oversees the $10.8 billion investment board, which includes pension fund and insurance assets. As of Dec. 31, the pension funds had a 23.2% fixed-income target allocation.