Menu Close

Virginia commits $300 million to distressed credit fund

view original post

Virginia Retirement System, Richmond, committed $300 million to Ares Special Opportunities Fund II, a middle-market distressed credit fund run by Ares Management.

The $103.7 billion pension fund disclosed the transaction, which was effective Oct. 26, in meeting materials for its Wednesday investment advisory committee meeting.

VRS previously committed $200 million to Ares Special Opportunities Fund in 2020.

As of Sept. 30, the pension fund’s actual allocation to credit strategies was 14.2%; the target is 14%.