MainePERS approves potential $25m secondary investment
At a recent board meeting, the $12.2 billion Maine Public Employees Retirement System authorized an acquisition worth up to $25 million for a limited partner position in Westbrook Real Estate Fund IX, managed by Westbrook Partners. The acquisition is contingent upon MainePERS finding a seller. Andrew Sawyer, CIO at MainePERS, has confirmed the authorization.
If MainePERS is able to find a seller, this will be the retirement system’s first ever acquisition of a real estate secondary position, though it has made similar investments in private equity funds.
WREF IX closed in October 2012 after raising $1.6 billion in just one year of marketing. The value-added fund will invest in all asset classes in markets including London, Los Angeles, New York City, Paris, San Francisco, Tokyo and Washington, D.C. It will seek to invest pri