Stanislaus County Employees' Retirement Association, Modesto, Calif., disclosed new alternative investment commitments totaling $35 million.
The $2.7 billion pension fund committed $20 million to Ares Senior Direct Lending Fund III, a direct lending fund managed by Ares Management, and $15 million to value-added real estate fund KSL Capital Partners Credit Opportunity Fund IV, said Stan Conwell, retirement investment officer, in two memos to the board of trustees included with materials for its upcoming Sept. 26 meeting.
Both are new managers for the pension fund.
As of July 31, the pension fund's actual allocations to private credit and noncore real estate were 8.2% and 4.5%, respectively; their respective targets are 8% and 6%.
