Maine Public Employees Retirement System, Augusta, made a $40 million hedge fund investment in Farallon Special Situations Fund III, CIO James Bennett confirmed.
The commitment was approved Oct. 10 by the pension fund’s board of trustees subject to “final due diligence, legal review and negotiations,” according to a pension fund document.
The hedge fund is managed by Farallon Capital Management, which is an existing relationship for the pension fund.
Separately, the meeting also featured a financial report for the fiscal year ended June 30 describing a net return of 7.4%, above the assumed rate of return of 6.5%.
As of June 30, the pension fund had $20.97 billion in assets, up 5.6% from $19.85 billion for the fiscal year ended June 30, 2023. The funded status for the fiscal year ended June 30 was 87.1% on an actuarial basis.
As of June 30, the actual allocation was 30% public equity; 12.5% private equity; 10% each real estate, infrastructure, alternative credit and U.S. government securities; 7.5% risk diversifiers; and 5% each natural resources and traditional credit.
