MainePERS approves $25m commitment to KKR European real estate fund

The $14.8 billion Maine Public Employees Retirement System (MainePERS) has approved up to $25 million in capital commitments to the KKR Real Estate Partners Europe II (REPE II) fund, managed by KKR.

Launched in July, fund follows the investment strategy of its predecessor (REPE), investing in a diversified array of value-add and opportunistic assets in Western Europe. MainePERS committed $50 million to that fund as well.

REPE closed in 2016 with $739 million in capital commitments.

MainePERS had an 8.3 percent actual allocation to real estate, with a target of 10 percent.

In addition, KKR, a New York–based real estate investment manager, manages investments across multiple asset classes, including private equity, real estate, energy, infrastructure, credit, and hedge funds, according to the firm’s website.

As of June 30, it had $7 billion in assets under management.