Vermont Pension Investment Committee, Montpelier, committed $100 million to the Ares Pathfinder Core Fund on behalf of the $5.4 billion Vermont State Retirement Systems, according to Andy Cook, an investment analyst with the Vermont state treasurer's office, which administers the retirement systems.
The commitment to the private credit fund managed by Ares Management was approved at a committee meeting Tuesday, Mr. Cook said in an email.
The investment follows a previous commitment of up to $75 million to the Ares Pathfinder Fund in February. No other commitments to the fund manager have been made to date, Mr. Cook said.
As of March 31, the Vermont Pension Investment Committee's allocation to private alternative credit was 2.72%. Its target allocation to the asset class is 10%.
The three pension funds that make up the Vermont State Retirement Systems are the Vermont Municipal Employees' Retirement System, Vermont State Teachers' Retirement System and the Vermont State Employees' Retirement System.