Jacksonville (Fla.) Police & Fire Pension Fund committed $100 million to Ares Pathfinder Core Fund.
The $2.3 billion pension fund's board approved the commitment to the evergreen private credit fund managed by Ares Management at its May 21 meeting, said a summary of the meeting posted on the pension fund's website.
It is the pension fund's first private credit commitment since creating a new target of 8% to the asset class in November following an asset allocation study conducted by investment consultant RVK.
The pension fund also created a target of 5% to non-core real estate at the time and eliminated targets of 10% and 3%, respectively, to private equity and master limited partnerships.
RVK assisted with the new commitment.
Timothy H. Johnson, executive director, could not be immediately reached for further information.