MainePERS confirms €100m commitment

The US public pension has backed a direct lending vehicle.

Institution: Maine Public Employees Retirement System
Headquarters: Augusta, US
AUM: $15.1 billion
Allocation to alternatives: 50.9%

Maine Public Employees Retirement System approved a €100 million commitment to Ares Capital Europe V at its July 2020 board meeting, a contact at the pension informed Private Debt Investor.

Ares Management’s fifth vehicle in its direct lending series is targeting €9 billion, which will be the largest fundraise in Ares’ history if successful. The vehicle’s immediate predecessor closed at €6.5 billion in July 2018.

The $15.1 billion US public pension has a 5 percent target allocation to private debt that currently stands at 4.7 percent.

As illustrated below, MainePERS’ private debt fund commitments tend to focus on senior debt funds with a North American or European focus.

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