Alameda County Employees' Retirement Association, Oakland, Calif., approved two new commitments totaling up to $110 million.
The $10.3 billion pension fund's board approved commitments of up to $80 million to Ares Senior Direct Lending Fund III, a direct lending fund managed by Ares Management, and up to $30 million to LS Power Equity Partners V, a core infrastructure fund managed by LS Power Equity Advisors, at its July 20 meeting, spokesman Michael Fara said in an email.
ACERA previously committed up to $70 million to Ares Senior Direct Lending Fund II in 2021. LS Power Equity Advisors is a new manager for the pension fund.
As of Dec. 31, the pension fund's actual allocations to real assets and private credit were 6.1% and 2.6%, respectively; the respective targets are 6% and 4%.
