The Massachusetts Pension Reserve Investment Management Board (MassPRIM) has authorized an additional allocation of up to $785m to new private equity and
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The MassPRIM
The PRIM Board oversees the assets of the Pension Reserves Investment Trust (PRIT) Fund for public employee pension benefits on behalf of Massachusetts State Employees, Massachusetts Teachers, and Boston Teachers, as well as local participating retirement systems throughout the Commonwealth that elect to invest with PRIM.
Recently, the Massachusetts Pension Reserve Investment Management (PRIM) Board, authorized new private equity and real estate debt commitments totaling up to $785 million.
MassPRIM spokesman Cosmo Macero confirmed that the commitments were approved by the $88.6 billion pension fund’s board at a meeting that took place this December.
Within private equity, the new commitments include of:
- up to $150 million to Lovell Minnick Equity Partners VI, a buyout fund managed by Lovell Minnick Partners (based in Radnor, Pennsylvania, Lovell Minnick Partners is a private equity firm with a focus on investments in financial services, financial technology, and applicable business services.)
- up to €130 million ($135 million) to Waterland Private Equity Fund IX and up to €20 million ($21 million) to Waterland Partnership Fund I, both buyout funds managed by Waterland Private Equity Investments (Waterland is a private equity firm based in Bussum, Netherlands. The firm invest in growth-stage companies through buyouts, recapitalization, and acquisition financing.)
- up to $125 million to growth equity fund WestView Capital Partners V (WestView Capital is a Boston-based private equity firm with a focus on growth-oriented companies.)
- and up to €100 million ($104 million) to Altor Fund VI, a European lower middle-market buyout fund managed by Altor Equity Partners. (based in Stockholm, Sweden, Altor Equity Partners is a private equity firm focused on leveraged buyouts and growth capital investments)
MassPRIM previously allocated $175 million to Lovell Minnick Equity Partners V in 2019, $75 million to WestView Capital Partners IV in 2017, and up to €65 million to Waterland Private Equity Fund VIII in 2020.
Altor Equity Partners is a new manager for the pension fund. And as of Sept. 30, the actual allocation to private equity was 18.2%.
PRIM’s mission is to develop strong risk-adjusted investment returns that help the Commonwealth of Massachusetts meet its pension commitments and alleviate potential taxpayer burden. And this new allocation is also in support of this.
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