Jacksonville (Fla.) Police & Fire Pension Fund approved commitments totaling $35 million.
The $2.5 billion pension fund's board approved commitments of $20 million to Blue Owl Diversified Lending Fund, a direct lending fund managed by Blue Owl Capital, and $15 million to Ares U.S. Real Estate Opportunity Fund IV, an opportunistic real estate fund managed by Ares Management, at its Sept. 22 meeting, a summary of the meeting on its website shows.
The pension fund previously committed $100 million to Ares Pathfinder Core Fund in 2021. Blue Owl Capital is a new manager for the pension fund.
As of June 30, the actual allocations to private credit and non-core real estate were 5.3% and 0.9%, respectively; their respective targets are 8% and 5%.
Investment consultant RVK assisted.