Maine Public Employees Retirement System (PERS) is considering rolling over a selection of its existing Meridiam-managed infrastructure assets into a consolidated $300m (€259.9m) commitment to the Paris-based manager’s North America core Infrastructure fund.
Maine PERS, which has committed $364m to the Meridiam infrastructure platform since 2012, is considering consolidating existing allocations, including €10m in SICAR, $95m in North America II and $50m in North America III into Meridiam Infrastructure North America Core Infrastructure Fund.
According to board meeting documents, the pension fund’s investment team is expected to recommend the move at its 10 September meeting.
Notes from the pension fund’s board meeting suggest that combining these earlier investments could provide incremental value creation with an attractive expected total return and cashflow profile.
Maine PERS and Meridiam recently completed a similar consolidation programme into a European infrastructure fund, rolling 100% of the pension fund’s $50m exposure into the Meridiam Infrastructure Europe Core Infrastructure Fund.
Meridiam is known as an investor in three main infrastructure sectors: low-carbon solutions, sustainable mobility and essential public services.
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