Institution: Maine Public Employees Retirement System
Headquarters: Augusta, US
AUM: $18.5 billion
Allocation to alternatives: 49.3 percent
Maine Public Employees Retirement System has made a €75 million commitment to Ares Management‘s latest senior debt vehicle, a source at the pension has confirmed.
The pension has committed €75 million to Ares Capital Europe VI. MainePERS has been a long term investor into funds managed by Ares Management, having committed to Ares Capital Europe V in September 2020 and Ares Capital Europe IV in April 2018. Fund IV has, as of March 2022, called almost 80 percent of MainePERS’ capital commitment and Fund IV has called 40.9 percent. In Q1 2022, the pension reported that Fund IV’s net IRR was 3.8 percent.
The $18.5 billion US public pension has a private debt target allocation of 10 percent, which currently sits at 8.3 percent. As of January 2023, its private equity portfolio was valued at $1.5 billion. As illustrated below, the pension has predominantly targeted corporate vehicles seeking senior debt returns.
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