Alameda County Employees' Retirement Association, Oakland, Calif., committed up to $70 million to Ares Senior Direct Lending Fund II.
The $11.5 billion pension fund's board approved the commitment to the direct lending fund managed by Ares Management at its Sept. 16 meeting, said Michael Fara, ACERA spokesman.
It is the pension fund's first commitment to a fund managed by Ares.
As of March 31, the pension fund's actual allocation to private credit was 0.9%; the target is 4%.
Investment consultant Verus Advisory assisted.