By David G. Barry
Maine Public Employees Retirement System
(MainePERS)
has committed to funds focused on infrastructure and direct lending.
The board of the $18.2 billion pension plan approved up to $100 million to Stonepeak
Infrastructure Partners’ Stonepeak Core Fund and up to $125 million to Angelo,
Gordon & Co.’s AG Direct Lending Fund V, Chief Investment Officer James
Bennett confirmed to Markets Group.
MainePERS has invested $465 million in five prior Stonepeak vehicles –
including two co-investment funds – since 2015. In 2020, it approved $125
million to Stonepeak Infrastructure Partners IV. MainePERS is not yet listing a
return for that fund, but the other four funds have interim net internal rate
of returns ranging from 14.2% to 23.8%. Infrastructure currently accounts for
10.5% of the fund, just above the system’s 10% allocation target for the
sector.
Over the past four years, the system has invested $372 million in 22 Angelo
Gordon vehicles – including a series of $5 million investments in so-called participation
agreements. The net interim IRRs for the funds range from 6.5% to 19.9%.
MainePERS is slightly underweight to alternative credit – which these funds
fall into. It is at 6.7% and has a 7.5% target.