Searches and Hires

Texas County slates $500 million for Ares direct lending fund

Texas County & District Retirement System committed $500 million to a direct lending fund managed by Ares Management, a new manager for the $30 billion fund.

The $500 million commitment to Ares European Credit Strategies Fund X is the largest allocation by TCDRS investment officers to a single direct lending fund in the past three years, a transaction report showed.

Including Ares, the Austin-based fund has committed a total of $995 million year-to-date through Dec. 3 to five direct lending funds.

In 2017, the fund committed a total of $1.3 billion to five strategies involved in direct lending.