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.

Related Articles
North Dakota pegs $100 million for private equity fund of funds
North Dakota chooses William Blair for international equity
North Dakota OKs shift in allocation
North Dakota pension trust returns 0.31% for fiscal year, below its benchmark
Ares Management's AUM declines 2% in quarter, but up 1.7% over 2016
North Dakota signs Cerberus for customized direct lending strategy
Ares Management brings on co-head of real estate debt
North Dakota hires PIMCO for $300 million bond allocation, commits to Adams Str…
North Dakota pension trust posts 12.96% fiscal-year return
North Dakota signs Wells Capital for core bonds
Recommended for You
Headshot of Helen Hayes
BlackRock’s head of iShares Canada departs firm in restructuring
A logo for Pensions & Investments' 2025 Best Places to Work in Money Management appears to the left of a red velvet rope and carpet leading to a desktop with acomputer and lamp against a yellow background.
P&I opens registration for 2025 Best Places to Work program
Blindfolded lady justice statue holding scales of justice outside Supreme Court building.
Supreme Court decision on prohibited transactions will increase ERISA lawsuits, DC plan costs, retirement industry says