Maine Public Employees' Retirement System, Augusta, approved a new commitment of up to $40 million to Technology Impact Growth Fund II.
The $17.6 billion pension fund's board approved the commitment to the venture capital fund managed by Capricorn Investment Group at its June 10 meeting, said James Bennett, chief investment officer.
MainePERS previously committed up to $40 million to Technology Impact Growth Fund in 2018.
The commitment is subject to final due diligence, legal review and negotiations.
As of March 31, the pension fund's actual allocation to private equity was 18.3%.