Arizona Public Safety Personnel Retirement System, Phoenix, committed $200 million to Ares Senior Direct Lending Fund III, a direct lending fund managed by Ares Management, said Christian Palmer, pension fund spokesman, in an email.
It is the $19.5 billion pension fund's first commitment to an Ares fund.
As of June 30, the pension fund's actual allocation to private credit was 13.6%; the target is 20%.
