The Pennsylvania Municipal Retirement System (PMRS) committed up to $170 million to a global multi-asset credit fund at its June 16 board meeting, a spokesperson for the Pennsylvania Treasury confirmed.
“PMRS board approved awarding the fixed income opportunistic credit mandate of $160 million to $170 million to Ares Global Multi-Asset Credit fund. This action is part of PMRS reallocation of its portfolio to align with the new investment strategy approved last year,” the spokesman wrote in an email. The fund is managed by Los Angeles-based Ares Management.
The commitment is the . . .
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Mark Fortune has more than 30 years of experience as a financial writer and editor, with a focus on institutional investment management. He has worked in various editorial roles at organizations that include Institutional Investor, Pageant Media, Markets Group and, most recently, at New York investment management firm Cohen & Steers.