BOSTON — The $37.3 billion Massachusetts Pension Reserves Investment Management Board hired managers for global inflation-linked bonds and private equity, and rehired its real estate consultant.
BlackRock Inc., New York, and Bridgewater Associates Inc., Westport, Conn., were tapped to manage $360 million each in global inflation-linked bonds with a commodities overlay.
Funding will come from reducing the TIPS portfolio, managed by Barclays Global Investors, San Francisco.
Both portfolios call for active management of the underlying bonds, but BlackRock's commodities overlay will be passive and Bridgewater's will be actively managed. Having a passive and an active commodities overlay will allow staff to compare performance, which could eventually lead to a decision to go one way entirely, said Executive Director Michael Travaglini.
Also, PRIM will commit up to $125 million to Blackstone Capital Partners V, the record $12.5 billion buyout fund Blackstone Group, New York, is now raising.
Separately, the board voted to rehire real estate consultant The Townsend Group, Cleveland.