Searches and Hires

Maine Public Employees slates $130 million for alternatives

Maine Public Employees Retirement System's board approved three new commitments totaling up to $130 million, Andrew Sawyer, chief investment officer, said in an email.

The $14.5 billion Augusta-based pension fund approved commitments of up to $50 million to Advent Global Private Equity IX, a buyout fund managed by Advent International, and up to $30 million to Rubenstein Properties Fund IV, a value-added real estate fund managed by Rubenstein Partners.

The board also approved committing up to $50 million annually to a new LongTail Alpha downside risk protection fund, which might end up as a "fund of one," Mr. Sawyer said.

The pension fund previously committed up to $60 million to Advent Global Private Equity VIII and up to $30 million to Rubenstein Properties Fund III in 2015.