Maine PERS Tilts PE Away From Tech, Eyes Infrastructure; Advent Raises $25.5B

Maine Public Employees Retirement System is pressing ahead with a private markets reallocation, steering future real assets commitments toward core infrastructure and real estate while continuing to wind down mining and timber exposure, and tilting private equity toward sectors seen as more insulated from AI disruption, including industrials, aerospace and defense. CIO James Bennett said the $23B fund is leaning more heavily on evergreen credit structures, including a roughly $225M separately managed account with Stellus Capital, to close a gap in its alternative credit allocation, which sits at 7.9% against a 15% target.

In other LP news, Pennsylvania Public School Employees' Retirement System approved $500M in new commitments across private equity and real estate, and Delaware Public Employees' Retirement System approved $115M across five commitments spanning growth equity and venture.

On the GP fundraising side, Advent International disclosed raising $25.5B from 175 investors for Advent International GPE XI, its eleventh flagship global private equity fund, with a final close expected soon. Elsewhere, Copenhagen Infrastructure Partners closed Copenhagen Infrastructure Growth Markets Fund II at approximately $3B, nearly triple the size of its predecessor; and J.P. Morgan Asset Management registered Lynstone Special Situations Fund III, the latest vintage of its stressed and distressed credit series.

More broadly, Coller Capital partner Jake Elmhirst said on a recent podcast that the private wealth channel increasingly rewards scale and brand over smaller managers, widening the divide between large platforms and specialized firms.

Read on for all the day’s fundraising news headlines.

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