The $32.4 billion Texas County & District Retirement System, Austin, committed $100 million to Ares Pathfinder Fund from the system's $3 billion direct lending portfolio.
The direct lending fund is run by existing manager Ares Management.
The fund's portfolio managers will seek investment in assets with predictable cash flow.
With the addition of the Ares Pathfinder fund, TCDRS has committed a total of $767 million to six direct-lending strategies managed by six money managers year-to-date Nov. 25.
In all of 2019, the system committed $986 million to six direct lending funds managed by six firms, transaction reports showed.