The $14.2 billion Maine Public Employees Retirement System has committed a total of up to $50 million to two real estate funds, according to Andrew Sawyer, CFA, CAIA, CIO for the retirement system. The commitments are subject to final due diligence, legal review and negotiations.
MainePERS has made a commitment of up to $25 million to Northbridge Strategic Senior Housing Fund II and a commitment of up to $25 million to High Street Real Estate Fund VI.
Northbridge Strategic Senior Housing Fund II, managed by Northbridge Cos., will invest in U.S. senior housing assets. It is a first-time commitment to the fund for MainePERS.
High Street Real Estate Fund VI, managed by High Street Realty Company, is a value-added real estate fund that focuses investments on logistics.
MainePERS has a target allocation to real estate of 10 percent with an actual allocation of 7.7 percent.
