Ann Arbor (Mich.) Employees' Retirement System committed $7 million to the PIMCO Private Income Fund.
The $608 million pension fund's board approved the commitment to the evergreen private credit fund managed by Pacific Investment Management Co. at its Sept. 21 meeting, recently released meeting minutes show.
This is the pension fund's second commitment for its private debt asset class. In 2021, the pension fund committed $12 million to AG Direct Lending Fund IV, managed by Angelo, Gordon & Co.
As of June 30, the pension fund's actual allocation to private debt was 1.9%; the target is 7%.
Investment consultant Meketa Investment Group assisted.