Maine Public Employees Retirement System, Augusta, approved new alternative fund commitments totaling up to $217 million.
The $18.5 billion pension fund's board at its Feb. 9 meeting approved commitments of up to $100 million to iSAM Vector Master Fund, a systematic trend following fund managed by iSAM Systematic Management; up to €75 million ($81 million) to Ares Capital Europe VI, a European direct lending fund managed by Ares Management; up to €20 million ($21 million) to European growth equity fund Summit Partners Europe Growth Equity Fund IV; and up to $15 million to High Street Real Estate Fund VII Venture, a real estate fund managed by High Street Equity Advisors, said James Bennett, chief investment officer, in an email.
The pension fund previously committed up to €100 million to Ares Capital Europe V and up to €30 million to Summit Partners Europe Growth Equity Fund III, both in 2020, and up to $35 million to High Street Real Estate Fund VII in 2021. The iSAM investment is the first to the manager for the pension fund.
All commitments are subject to final due diligence, legal review and negotiations.
As of Dec. 31, the actual allocations to private equity, real estate and risk diversifiers were 19.6%, 8.2% and 5.5%, respectively; their respective targets are 12.5%, 10% and 7.5%.