Maine Public Employees' Retirement System's board approved four new commitments of up to $165 million, said Andrew Sawyer, chief investment officer, in an email.
The $14.4 billion Augusta-based pension fund's board approved commitments of up to $50 million each to private credit funds SCP Private Corporate Lending Fund and SCP Cayman SF Debt Master Fund, both managed by Solar Capital Partners; up to $45 million to H.I.G. Middle Market LBO Fund III, a buyout fund managed by H.I.G. Capital Partners; and up to $20 million to Riverside Micro-Cap Fund IV-B, a buyout fund managed by Riverside Co.
The pension fund previously committed up to $45 million to H.I.G. Growth Buyouts & Equity Fund III and up to $45 million to Riverside Micro-Cap Fund V, both in 2018. MainePERS has not made any previous commitments to Solar Capital Partners.
As of March 31, the pension fund had actual allocations to private equity and alternative credit of 14.5% and 3%, respectively.
The commitments are subject to final due diligence, legal review and negotiations.
