Maine Public Employees' Retirement System's board approved committing up to $25 million to KKR Real Estate Partners Europe II, said Andrew Sawyer, chief investment officer, in an email.
The $14.8 billion Augusta-based pension fund's board approved the commitment to the real estate fund managed by KKR & Co. at its meeting Thursday.
The pension fund previously committed up to $50 million to KKR Real Estate Partners Europe in 2015.
The commitment is subject to final due diligence, legal review and negotiations.
As of March 31, MainePERS' actual allocation to real estate was 8.3%; the target is 10%.