PAG, the Hong Kong-headquartered alternative investment firm, has launched its fourth Pan-Asia direct lending fund, according to a report issued this week by the San Francisco Employees’ Retirement System.

SFERS committed $100 million to PAG Loan Fund IV on 14 October, the disclosure shows. The pension previously disclosed a $50 million commitment to PAG Loan Fund III.

SFERS’ private credit exposure is sized at $1.01 billion, gross-of-fees, or 3.8 percent of its $26.7 billion total fund size as of 31 October. Its long-term private credit allocation target is disclosed as 10 percent.

PAG Asia Loan Fund IV is the firm’s fourth closed-ended private credit vehicle. Its predecessor, PAG Asia Loan Fund III, held a final close on $950 million in capital commitments in May 2018.

Nikkei Asia Review reported in July that PAG was in the market to raise its fourth direct lending fund for Asia, and that it was seeking to gather about $1 billion.

Fund III aimed to continue with the same strategy as the previous vehicles in the series by providing senior secured and mezzanine corporate and real estate financing solutions across the region.

PAG Loan Fund II raised more than $800 million in 2014 with a hard-cap of $900 million. Fund I made at least 17 investments and generated an IRR of around 20 percent, as per PDI reporting.

The investment firm also has its latest special situations fund in the market, PAG Special Situations Fund III, according to two regulatory filings disclosed on 15 January. PAG’s special situations strategy includes investments across real estate and corporate investments in Asia-Pacific.

A Hong Kong-based spokesman for PAG could not be reached for comments on developments.

PAG managed more than $20 billion in capital as of May 2018, of which $7 billion was in private debt strategies.