Maine Public Employees Retirement System (PERS) has approved $300m (€260.5m) into vehicles managed by Global Infrastructure Partners (GIP) and Homestead Capital.

According to sources, the $13.39bn pension fund is making a $150m investment into Global Infrastructure Partners IV, $100m into Global Infrastructure Partners Spectrum Fund and a $50m commitment into Homestead Farmland Fund III.

Maine PERS was unavailable for comment.

The pension fund’s relationship with GIP that dates back to 2008. Its previous three commitments have totalled $300m, Maine PERS stated on its website.

GIP, which is yet to have a first close for the global Partners IV fund, is seeking a total capital raise of $20bn for Partners IV, according to sources that track capital raising activities. The fund will target gross internal rate of returns of between 15% to 20%.

The Homestead Farmland Fund III fund will invest in row and permanent crop farmland in US.

Homestead Capital’s second fund closed in November 2016 after reaching its hard cap of $400m, surpassing an original fundraising target of $350m and more than doubling the size of its debut fund.