Maine Public Employees Retirement System's board approved commitments of up to $50 million to Silver Point Specialty Credit Fund II, a direct lending fund managed by Silver Point Capital, and up to $25 million to IPI Data Center Partners Fund II, a private equity fund managed by IPI Data Center Partners Management.
The $14.9 billion Augusta-based pension fund's board approved the commitments at its Oct. 17 meeting, said Andrew Sawyer, chief investment officer, in an email.
MainePERS previously committed up to $30 million to IPI Data Partners Fund I in 2017. Silver Point Capital is a new manager for the pension fund.
As of June 30, the actual allocations to private equity and alternative credit were 15.1% and 3.3%, respectively; their respective targets are 15% and 5%.
The commitments are subject to final due diligence, legal review and negotiations.
