Maine Public Employees Retirement System's board approved committing up to $30 million to ShoreView Capital Partners IV, a buyout fund managed by ShoreView Industries, CIO Andrew Sawyer said in an email.
The $14.7 billion Augusta pension fund previously committed up to $40 million to ShoreView Capital Partners III in 2013.
As of March 31, the pension fund's actual allocation to private equity was 14.5%; the target is 15%.
The commitment is subject to final due diligence, legal review and negotiations.
Separately, the pension fund's board approved reducing or eliminating its commitments to H/2 Capital Partners. As of June 30, MainePERS had $66 million invested in H/2 Credit Partners, according to its most recent comprehensive financial annual report. Mr. Sawyer could not be immediately reached to provide further information.
