Maine Public Employees Retirement System, Augusta, committed up to $445 million total to two alternative funds, said Andrew Sawyer, chief investment officer, in an email.
At its Feb. 8 meeting, the $14.5 billion pension board agreed to commit up to $400 million to Bridgewater Associates' Pure Alpha hedge fund strategy. It also agreed to commit up to $45 million to Kelso Investment Associates X, a middle-market buyout fund managed by Kelso & Co.
The commitments are subject to final due diligence, legal review and negotiations.
Maine PERS had a target asset allocation of 15% to private equity and 10% to risk diversifiers as of Dec. 31, according to its website.