Maine Public Employees Retirement System, Augusta, has made three alternative allocations totaling up to $240 million.
The allocations were approved by the $18.3 billion pension fund's board of trustees at its monthly meeting May 11, CIO James Bennett confirmed in an email.
The allocations are:
- Committed up to $100 million to Ares Senior Direct Lending Fund III, a direct lending fund managed by Ares Management that focuses on the U.S. market. Ares is an existing relationship for the pension fund.
- Invested up to $100 million in Redwood Domestic Fund, a hedge fund managed by Redwood Capital Management to be used in the pension fund's risk diversifier allocation. Redwood is a new relationship.
- Committed up to $40 million to Sprott Private Resource Streaming & Royalty Annex, a pooled investment fund managed by Sprott Inc. that invests primarily in the mining sector. Sprott is a new relationship.