Maine Public Employees' Retirement System, Augusta, approved new commitments totaling up to $95 million, said James Bennett, chief investment officer.
The $18 billion pension fund's board at its Oct. 14 meeting approved commitments of up to $50 million in aggregate to General Catalyst Group XI – Creation Fund, General Catalyst Group XI – Ignition Fund, and General Catalyst Group XI – Endurance Fund, all venture capital funds managed by General Catalyst Partners; and up to $45 million to Kelso Investment Associates XI, a middle-market buyout fund managed by Kelso & Co.
MainePERS previously committed up to $75 million in aggregate General Catalyst Group X-Early Venture, General Catalyst Group X-Endurance and General Catalyst Group X-Growth Venture in 2020 and up to $45 million to Kelso Investment Associates X in 2018.
As of June 30, the pension fund's actual allocation to private equity was 19.6%; the target is 15%.
The commitments are subject to final due diligence, legal review and negotiations.
