Investment Management Corp. of Ontario, Toronto, made a total of $500 million in global credit commitments to Ares Management.
IMCO committed $400 million to a customized separate account fund of one managed by Ares that has a flexible strategy to invest across a range of credit markets, and also committed $100 million to Ares Pathfinder Fund, which lends to owners of large, diversified portfolios of assets with contracted cash flows.
The commitments, which launch a strategic partnership, are the first by IMCO to Ares Management funds, IMCO spokeswoman Annette Robertson said in an email.
IMCO manages the assets of small provincial pension funds and universities' pension funds, endowments and foundations. As of Dec. 31, it managed C$73.5 billion ($57.5 billion) in assets. IMCO's global credit asset class had C$4.6 billion as of that date.