BOSTON Massachusetts Pension Reserves Investment Management board hired international equity managers Mondrian Investment Partners and Pyramis Global Advisors to run up to $700 million each, Mondrian in deep value and Pyramis in core.
Funding will come partly from reducing an SSgA passive international equity strategy by $626 million to $2.592 billion, with another $581 million coming from other asset classes.
Separately, the board, which oversees $51.8 billion, committed $50 million to TowerBrook Investors III, a $2.75 billion middle-market buyout fund, and $40 million to Summit Partners Subordinated Debt IV, a $750 million fund.