Maine Public Employees Retirement System, Augusta, approved an investment and a commitment totaling up to $150 million.
The $16.5 billion pension fund's board approved an investment of up to $100 million to HBK Multi-Strategy Fund, a multistrategy hedge fund managed by HBK Capital Management, and a commitment of up to $50 million to value-added real estate fund Bain Capital Real Estate Fund II at its Feb. 11 meeting, said James Bennett, chief investment officer.
The investment and commitment are subject to final due diligence, legal review and negotiations, Mr. Bennett said.
As of Sept. 30, the pension fund's actual allocations to real estate and risk diversifiers were 9.1% and 7.8%, respectively; the target for each is 10%.
