Investors - MARCH 16, 2015

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Maine PERS commits $150m to real estate

by Andrea Waitrovich

The $12.7 billion Maine Public Employees Retirement System has committed $150 million to two real estate funds.

The pension fund committed $50 million to Senior Housing Partners V, a real estate fund managed by Prudential Real Estate Investors. The firm is seeking $500 million of equity commitments for its fifth investment fund targeting the senior-housing market. Senior Housing Fund V will look to buy properties on its own and in joint ventures, and may originate debt, including mezzanine loans. 

The fund is targeting independent-living, assisted-living and dementia-care facilities as well as properties that include all three components. It will target private-pay properties only, meaning those whose tenants do not rely on government reimbursements to pay their rents. The fund has a value-add strategy, so it will pursue properties that might have occupancy issues or are in need of improvements. 

Maine PERS also invested $100 million in U.S.

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