Maine Public Employees Retirement System, Augusta, approved two commitments totaling up to $90 million at its board meeting Thursday, said James Bennett, chief investment officer.
The $15.1 billion pension fund's board approved commitments up to $50 million to buyout fund GTCR Fund XIII and up to $40 million to venture capital fund Bain Capital Venture Fund 2021.
As of June 30, the actual allocation to private equity was 15.8%; the target is 15%.
Separately, the board Thursday approved investment staff and investment consultant Cambridge Associates' recommendation to "reduce or eliminate the capital managed by existing risk diversifier managers" while keeping Aspect Capital, Bridgewater Associates, FORT Investment Management and Windham as managers.
According to the pension fund's website, other managers in the risk diversifier asset class had been AQR Capital Management and LongTail Alpha.
The board also Thursday voted to terminate the system's tail risk hedging program, Mr. Bennett said. He would not provide further information.
As of June 30, the actual allocation to risk diversifiers was 8.2%; the target is 10%.
