Maine Public Employees Retirement System, Augusta, approved two new commitments totaling up to $120 million.
The $18.2 billion pension fund's board approved commitments of up to $75 million to Deerpath Capital VI, a lower middle-market direct lending fund managed by Deerpath Capital Management, and up to $45 million to growth equity fund Summit Partners Growth Equity Fund XI at its Sept. 9 meeting, said James Bennett, chief investment officer, in an email.
MainePERS previously committed $60 million to Summit Partners Growth Equity Fund X in 2019. This is the pension fund's first commitment to a Deerpath Capital fund.
As of June 30, the pension fund's actual allocations to private equity and alternative credit were 19.6% and 4.9%, respectively.
The commitments are subject to final due diligence, legal review and negotiations.
