Pennsylvania Municipal Retirement System, Harrisburg, committed up to $170 million to Ares Global Multi-Asset Credit Fund.
The $3.4 billion pension fund's board approved the commitment to the opportunistic credit fund managed by Ares Management at its June 16 meeting, said Timothy Reese, the pension fund's CEO, in an email.
Mr. Reese said the commitment is the result of the pension fund deciding in 2021 to add opportunistic credit to its fixed-income asset class.
As of Dec. 31, the actual allocation to fixed income was 23.1%. The overall fixed-income target is 30%, and within the asset class, the target allocation to opportunistic credit is 5% of the total pension fund.
Investment consultant Marquette Associates assisted.
