Maine PERS Mulls Add’l $150M+ to TPG Angelo Gordon’s Twin Brook

The Maine Public Employees’ Retirement System (PERS) is considering increasing its maximum allocation to TPG Angelo Gordon’s direct lending group Twin Brook to up to $350M, for future deployment in continuation and co-investment vehicles.

According to materials related to the pension’s upcoming board meeting on February 13, staff recommended approving the allocation as an exception to the pension’s $200M limit in co-investments with a single GP within a single asset class. As of January 31, Twin Brook represents the pension’s largest exposure in co-investments, accounting for $192M in total commitments made across 24 individual co-investments. General consultant Cambridge and alternatives consultant Cliffwater also concurred with the staff’s recommendation.

As of September 30, 2024, the pension has deployed over $1B across 93 private market co-investments. Of the mix, 40 are co-investments in alternative credit, 34 are in private equity, 11 are in infrastructure, six are in real estate, and two are in natural resources.

Written By: Dakota

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Maine PERS Mulls Add’l $150M+ to TPG Angelo Gordon’s Twin Brook

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