Searches and Hires

Maine Public Employees commits $277 million to 4 funds

Maine Public Employees Retirement System, Augusta, committed up to about $277 million total to four alternative funds, said Andrew Sawyer, chief investment officer, in an email.

At its Aug. 9 meeting, the board of the $14.4 billion plan agreed to commit up to $100 million to Silver Creek Aggregate Reserves Fund I, a fund that invests in aggregates, which are construction materials such as sand, gravel and crushed stone, managed by Silver Creek Capital Management.

It also committed up to €75 million ($87 million) to Cube Infrastructure Fund II, a European infrastructure fund managed by Cube Infrastructure Managers.

Also in private equity, the system committed up to $45 million each to H.I.G. Growth Buyouts & Equity Fund III, a middle-market buyout fund managed by H.I.G. Growth Partners, and Hellman & Friedman Capital Partners IX, a buyout fund.

The commitments are subject to final due diligence, legal review and negotiations.

MainePERS had an allocation of 12.8% to private equity as of March 31.