Maine PERS CIO leaves fund, system searches for replacement

The system pledged $145 million to private market funds at its last meeting

Maine Public Employees Retirement System will look for a new Chief Investment Officer in January following the departure of CIO Andrew Sawyer, the system confirmed with Buyouts.

Sawyer left the $15.1 billion system in November, Acting CIO James Bennett said in an email.

“Maine PERS will be starting a search for a new CIO in January with a background in pensions and related investment strategies,” Bennett said.

No additional information about his exit was provided.

Sawyer joined Maine PERS and served as its CIO in 2007, according to his LinkedIn profile.

Under Sawyer’s stewardship, Maine PERS invested into private equity funds with Solar Capital Partners, H.I.G. and the Riverside Company, to name a few.

Other news

Maine committed up to $45 million at its December meeting to Wynnchurch Capital’s fifth fund, according to Bennett.

Founded in 1999, the company focuses on the Aerospace/Defense & Government, Building Products & Materials, Consumer & Food, Energy/Natural Resources & Infrastructure, Manufacturing/Industrial & Transportation and Business Services & distribution industries, according to its website.

Target size for Wynnchurch Capital Partners V was not available.

Maine extended its relationship with Angelo, Gordon & Co. with a $100 million commitment to AG Direct Lending Fund IV, a private credit fund.

The system previously invested $100 million into AG’s Direct Lending Fund III in 2016, Buyouts reported.

Maine PERS’ private equity allocation sits at 15.6 percent, slightly exceeding its 15 percent target, as of Sept. 30, according to its website.