MainePERS strengthens partnership with Summit Partners and Ares

Institution: Maine Public Employees Retirement System
Headquarters: Augusta, US
AUM: $18.5 billion
Allocation to alternatives: 49.3%

Maine Public Employees Retirement System has made $95 million in commitments across two private equity vehicles, a source at the pension has confirmed.

The pension has committed €20 million to Summit Partners Europe Growth Equity Fund IV and €75 million to Ares Capital Europe VI. MainePERS has been a long-term investor in funds managed by Summit Partners, having committed to vehicles including Summit Partners Europe Growth Equity Fund III and Summit Partners Venture Capital Fund IV.

Similarly, MainePERS has invested in the Ares Capital Europe fund series, including Ares Capital Europe V in September 2020 and Ares Capital Europe IV in April 2018. As of March 2022, Fund IV has 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 equity target allocation of 12.5 percent, which currently sits at 19.3 percent. As of January 2023, its private equity portfolio was valued at $3.6 billion. As illustrated below, the pension has predominantly targeted North American or European vehicles.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.