Maine Public Employees Retirement System, Augusta, approved a commitment of up to €100 million ($112 million) to Ares Capital Europe V.
The $15.1 billion pension fund's board approved the commitment to the European direct lending fund managed by Ares Management at its meeting Thursday, said James Bennett, chief investment officer, in an email.
The commitment is subject to final due diligence, legal review and negotiations.
The pension fund previously committed up to €100 million to Ares Capital Europe IV in 2018.
As of March 31, the pension fund's actual allocation to alternative credit was 4.7%; the target is 5%.