Dallas-Fort Worth International Airport Board approved two new alternatives fund commitments totaling $15 million for its $943 million pension fund.
The airport's board approved a commitment of $7.5 million each to Ares Global Multi-Asset Credit Fund, an opportunistic credit fund managed by Ares Management, and Torchlight Debt Opportunity Fund VIII, a real estate debt fund managed by Torchlight Investors, at its June 8 meeting, spokesman Brian A. Brooks said in an email.
The board previously committed $7.5 million to Torchlight Debt Opportunity Fund VII, and Ares Management is a new manager for the board.
As of Dec. 31, the pension fund's actual allocations to non-core fixed income and real estate were 13.8% and 9.5%, respectively; their respective targets are 15% and 12.5%.
Investment consultant AndCo Consulting assisted.