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MassPRIM commits to Trident VII, pulls out of Brevan Howard hedge fund

Massachusetts Pension Reserves Investment Management Board, Boston, committed to a private equity fund and withdrew from a hedge fund, confirmed Eric Convey, spokesman for the $62 billion pension fund.

At its Tuesday meeting, the board committed up to $75 million to Trident VII, a buyout fund managed by Stone Point Capital that focuses on investments in the financial services sector.

MassPRIM also terminated its relationship with hedge fund Brevan Howard because of underperformance, Mr. Convey confirmed. He did not disclose how much the pension fund had invested with Brevan Howard. A spokesman for Brevan Howard declined to comment.

The redeemed money from the fund has been reinvested within the hedge fund portfolio, which had a 9% allocation as of Dec. 31.

At Tuesday's meeting, the board voted to combine hedge funds and its 4% allocation to portfolio completion strategies into one asset class called portfolio completion strategies, which has a 13% allocation.

Separately, MassPRIM reported it returned 7.6% net of fees for the year ended Dec. 31, underperforming the core benchmark return of 8.49%.