The Maine Public Employees Retirement System has made a commitment of up to $30 million to Rubenstein Properties Fund IV, according to Andrew Sawyer, CIO for the retirement system. The commitment is subject to final due diligence, legal review and negotiations.
Rubenstein Properties Fund IV is managed by Rubenstein Partners, an investment and fund manager that focuses solely on office investment in the United States. It is a value-added real estate fund.
Maine PERS also committed $30 million to the previous fund in the series, Rubenstein Properties Fund III, which raised $565 million in 2016. Fund II raised $515 million, and the first fund raised $475 million.
Maine PERS has a target allocation to real estate of 10 percent.
