Virginia Retirement System confirms $300m commitment

The US public pension has backed Ares’ latest private credit vehicle.

Institution: Virginia Retirement System
Headquarters: Richmond, US
AUM: $104.8 billion

Virginia Retirement System has confirmed a $300 million commitment to Ares Management‘s second special opportunities debt fund, according to its November investment advisory committee meeting.

Ares Special Opportunities Fund II was launched in July and has raised $757 million, according to a recent SEC filing by the firm and the Private Debt Investor database.

VRS has a target allocation of 14 percent to credit strategies that currently sits at 13.8 percent. As illustrated below, the US public pension’s recent debt commitments have concentrated on corporate sector funds focused on either European or North American investments.

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