Alameda County Employees’ Retirement Association has disclosed a $45m (€38.8m) commitment to Ares Management Corporation’s latest dedicated infrastructure secondaries fund, which recently closed with $3.3bn in total commitments.
As previously reported, the Ares Secondaries Infrastructure Solutions III (ASIS III) fund exceeded its initial $2bn target and was more than triple the size of its 2021 predecessor fund.
ASIS III targets a diversified portfolio of private infrastructure assets through flexible secondary solutions, such as preferred structures, general partner-led continuation vehicles, and traditional limited partner interest acquisitions.
Targeting net internal rate of returns between 11% and 14%, ASIS III will focus its investments across key infrastructure sectors, specifically transportation, utilities, communications and renewable energy.
Alameda County also disclosed in its board meeting document that it committed $35m to the Artemis Healthcare Fund III, a $1.5bn targeted fund that buys senior housing and medical offices and provides healthcare debt.
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