Phoenix City Employees' Retirement System committed $100 million to Ares Pathfinder Core Fund.
The $3.1 billion pension fund's board approved the commitment to the open-end private credit fund at its meeting April 6, said Greg Fitchet, investment officer, in an email.
It is the pension fund's first commitment to an Ares Management fund, Mr. Fitchet said.
As of Sept. 30, the pension fund's actual allocation to credit was 9.4%; the target is 11%.
Investment consultant Meketa Investment Group assisted.