AUGUSTA (AP) – Advisers to Maine’s state employee retirement fund have recommended against investing in the purchase of the Blethen Maine Newspapers.

Richard Connor had approached the Maine Public Employees Retirement System last week about taking an equity stake in the deal to buy properties that include the Portland Press Herald, Kennebec Journal in Augusta and Morning Sentinal in Waterville.

Connor said the system’s decision was “not fatal to our deal in any way.” He said he remains confident that his group, Maine Media Investment LLC, will complete its acquisition of Blethen Maine.

Peter Leslie, who chairs the retirement system’s board of trustees, said the Blethen deal would be more appropriate for private sector investors.