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MainePERS confirms €30m commitment

The US public pension has backed Summit Partners' third Europe-focused growth equity vehicle.

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Institution: Maine Public Employees Retirement System
Headquarters: Augusta, United States
AUM: $14.90bn
Allocation to alternatives: 45.50%
Bitesize: $50-100m

Maine Public Employees Retirement System has approved a €30 million ($33.3 million) commitment to Summit Partners Europe Growth Equity Fund III, a contact at the pension informed Private Equity International. MainePERS has previously committed to funds VIII, IX and X of Summit Partners’ flagship global growth equity series.

The $14.9 billion US public pension has a 15.0 percent target allocation to private equity that currently stands at 15.70 percent.

As illustrated below, MainePERS has made ten commitments to private equity funds with a 2019 or 2020 vintage, which combined constitute $538.3 million.

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