Justin Slaughter
The Portland, Oregon-based firm made 21 mezzanine investments from the fund so far.
The Philadelphia-based BDC made a total of $429m in new direct loans in the first quarter.
The amount of capital raised for Ares ICOF III far outpaced its predecessors.
The firm’s NAV per share rose to $15.88 in Q1, up from $15.74 in Q4.
The Texas-based firm’s net asset value rose to $13.84 per share in Q1, up from $13.69 per share at the end of 2016.
The Iowa pension plan has $29bn AUM and a private debt target of 5 percent.
Ares total AUM hit $99.8bn this quarter, up from $93.6bn in Q1 2016.
FSLF has culled capital commitments from 56 investors since its October launch.
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The business development company originated $149m in senior debt in Q1.
The direct lending investment comes as the fund aims to also commit $175m to private markets by next January.