Investors - APRIL 14, 2014

MainePERS commits $225m to infrastructure and real estate

by Andrea Waitrovich

The $12.3 billion Maine Public Employees’ Retirement System has approved $225 million in commitments to real estate and infrastructure so far this year.

MainePERS purchased an interest, on a secondary basis, of up to $25 million in Westbrook Real Estate Fund IX. The commitment was reviewed in February. Westbrook Real Estate Fund IX targets all asset classes in global gateway markets including London, Los Angeles, New York City, Paris, San Francisco, Tokyo and Washington, D.C. The value-added fund, sponsored by Westbrook Partners, seeks to invest primarily in existing properties as opposed to development deals.

MainePERS made a $200 million commitment to KKR Global Infrastructure Investors II, managed by KKR & Co. The commitment was reviewed in April. KKR recently launched the fund with a $2 billion target. MainePERS also was an investor in KKR Real Estate Partners Americas, which recently closed with $1.2 billion.

MainePERS has an actual allocation to real estate of 7.2 percent and a target allocation to real estate of 10 percent, as of March 31.

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