JUNE 20, 2013

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Maine PERS commits $25 million to opportunistic fund

by Ross Dohrmann

The $11.6 billion Maine Public Employees Retirement System (PERS)has made a first-time investment into a fund sponsored by Boston-based High Street Advisors. PERS has committed approximately $25 million to High Street Real Estate Fund IV, confirms Andrew Sawyer, director of investments with Maine PERS.   

The opportunistic fund opened in November 2011 with a $500 million fundraising goal. The fund was initially scheduled to close in December 2012; however, more time was allotted to reach further toward the goal. To date, the vehicle has raised $43.72 million.

Maine PERS currently has $587 million, or 5.1 percent of its portfolio, invested in real estate. The pension fund has an overall target allocation to real estate of 10 percent, which would be approximately $1.4 billion.

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