CalPERS approves $750m commitment

The Sacramento-based public pension has backed a North America-focused senior debt fund.

Institution: California Public Employees’ Retirement System
Headquarters: Sacramento, US
AUM: $490.18 billion
Allocation to alternatives: 21.6%

California Public Employees’ Retirement System committed $750 million to Ares Senior Direct Lending Fund, according to the pension’s November 2021 board meeting document.

As illustrated below, CalPERS devotes 21.6 percent of its full investment portfolio to alternative assets. The pension’s recent commitments have been to mezzanine, distressed and senior debt vehicles targeting investments in North America and Europe.

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