The Maine Public Employees Retirement System (MainePERS) provides retirement benefits to state employees, teachers, and certain local government workers across Maine. With approximately $19 billion in assets under management as of mid-2024, MainePERS serves the state’s public workforce with a focus on sound investment management and long-term growth.
Investment Strategy
MainePERS maintains a diversified investment portfolio designed to achieve returns sufficient to meet its actuarial obligations. The asset allocation includes public equities, fixed income, real estate, private equity, infrastructure, and other alternatives. The board of trustees sets strategic allocation targets based on asset-liability studies and consultant recommendations.
Public equities form the core of the portfolio, with exposure to domestic and international markets. Fixed income provides stability and cash flow. MainePERS has built a meaningful alternatives program relative to its size, recognizing the potential for private markets to enhance returns and diversify risk sources.
Private Markets Approach
MainePERS’s private markets program includes allocations to private equity, real estate, and infrastructure. The private equity portfolio spans buyout, growth equity, and venture capital strategies. The system has built relationships with established managers and maintains a diversified portfolio across vintage years and sub-strategies.
Real estate investments include core and value-add strategies across property types. Infrastructure investments target stable cash-flow assets that provide inflation protection and portfolio diversification.
As a smaller institutional investor, MainePERS takes a focused approach to manager selection. The system seeks managers who demonstrate consistent performance, disciplined processes, and strong alignment of interests. MainePERS values transparent communication and institutional-quality reporting from its general partners, regardless of commitment size.
The investment team works with external consultants to source and evaluate opportunities. The board of trustees provides governance oversight and approves significant commitment decisions. Due diligence is thorough, covering performance attribution, team stability, operational capabilities, and fee structures. MainePERS has been thoughtful about building a private markets portfolio that balances diversification with concentration sufficient to drive meaningful portfolio impact.
Frequently Asked Questions
How large is MainePERS's private equity program?
MainePERS allocates approximately 12% of total assets to private equity, representing roughly $2.3 billion in committed capital. The system invests across buyout, growth, and venture strategies with a focus on established managers and vintage year diversification.
What commitment sizes does MainePERS typically make?
MainePERS typically makes commitments in the $15 million to $50 million range per fund. The system values managers who are attentive to smaller institutional LPs and provide direct access to senior investment professionals.
How does MainePERS evaluate new managers?
MainePERS's board of trustees sets investment policy, and the internal investment staff works with external consultants to evaluate opportunities. Due diligence covers performance, team, process, and operations. Managers should engage through consultant relationships or contact the investment staff directly.
