Maine Public Employees Retirement System, Augusta, committed up to $173 million total to two alternative funds, said Andrew Sawyer, chief investment officer, in an email.
At its meeting Thursday, the $14.3 billion MainePERS board agreed to commit up to €100 million ($123 million) to Ares Capital Europe IV, a European direct lending fund managed by Ares Management. It also agreed to commit up to $50 million to BPEA Real Estate Fund II, an Asia-focused real estate debt fund managed by Baring Private Equity Asia.
The commitments are subject to final due diligence, legal review and negotiations.
MainePERS has target allocations of 10% for real estate and 5% for alternative credit.