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MainePERS approves $200m commitment

The US public pension has contributed over a quarter of the capital raised by Hines' open-ended US Property Partners fund at first close.

Institution: Maine Public Employees Retirement System
Headquarters: Augusta, United States
AUM: $18.2 billion
Allocation to alternatives: 46.4%

Maine Public Employees Retirement System confirmed a commitment of $200 million to Hinesopen-ended U.S. Property Partners fund at its August 2021 board meeting, a contact at the pension informed PERE.

Hines’ debut evergreen core-plus property vehicle began fundraising in July and held a first close at $750 million earlier this month. The fund expects to invest across a diverse portfolio that contains the larger industrial, office, living and mixed-use sectors, alongside other burgeoning areas of real estate investment such as life sciences and self-storage.

MainePERS has a 10 percent target allocation to real estate, which currently stands at 8.3 percent.

As illustrated below, MainePERS’ recent real estate commitments have tended to focus on North American industrial and residential vehicles, targeting a mixture of returns.

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