Maine Public Employees Retirement System's board approved three commitments totaling up to $185 million, said Andrew Sawyer, chief investment officer, in an email.
The $13.1 billion Augusta-based pension fund's commitments, approved at the board's April 13 meeting, are up to $100 million to an Audax Group senior loan fund, a direct lending fund managed by Audax Group; up to €42 million ($45 million) to European buyout fund CVC Capital Partners VII; and up to $40 million to EnCap Energy Capital Fund XI, an oil and gas fund managed by EnCap Investments.
The pension fund previously committed up to €60 million to CVC Capital Partners VI in 2013 and up to $60 million to EnCap Energy Capital Fund X in 2015. The commitment to Audax Group is a first for the pension fund.
The commitments are subject to due diligence, legal review and negotiations.