Maine Public Employees Retirement System, Augusta, approved a commitment of up to $45 million to Summit Partners Venture Capital Fund V.
The $14.9 billion pension fund's board approved the commitment at its meeting Thursday, said James Bennett, chief investment officer, in an email.
MainePERS previously committed up to €30 million ($33 million) to Summit Partners Europe Growth Equity Fund III in March.
As of March 31, the actual allocation to private equity was 17.8%; the target is 15%.
All commitments are subject to final due diligence, legal review and negotiations.