Massachusetts Pension Reserves Investment Management Board, Boston, committed up to €275 million ($300.5 million) to two European buyout funds and terminated a real estate investment trust strategy, confirmed Eric Convey, spokesman for the $62 billion pension fund.
At its meeting on Tuesday, the PRIM board committed up to €225 million to CVC Capital Partners VII and up to €50 million to Chequers Capital XVII.
The board also terminated a $287.4 million investment in an active REIT managed by Invesco (IVZ). Mr. Convey cited underperformance as the reason for the termination. Invesco spokeswoman Jeaneen Terrio declined to comment.
The $287.4 million will be transferred to Brookfield Asset Management, which currently manages about $236 million for MassPRIM, Mr. Convey said.
The real estate and timberland committee voted May 8 to recommend the board terminate its investment with the REIT strategy.
Overall, MassPRIM has about $2 billion with Invesco, including the REIT portfolio. Of the $2 billion, roughly $1.7 billion is allocated to private real estate.