Philadelphia Board of Pensions and Retirement committed $50 million to Ares Senior Direct Lending Fund II.
The $7.2 billion pension fund's board approved the commitment to the direct lending fund managed by Ares Management at its June 24 meeting, said Christopher DiFusco, chief investment officer, in an email.
The pension fund's actual allocation to private assets was 10.2% as of June 30. The target is 12%.
Investment consultant Marquette Associates assisted.
