Massachusetts Pension Reserves Investment Management Board, Boston, approved seven new investments and commitments totaling up to $839 million, said Eric Convey, spokesman.
The $67 billion pension fund committed up to $200 million to CVI Credit Value Fund IV, a distressed credit fund managed by CarVal Investors. PRIM's most recent commitment to CarVal was up to $150 million to CVI Credit Value Fund III in 2015.
The pension fund also committed up to $200 million to GTCR Fund XII, a middle-market private equity fund. PRIM has previously made commitments to nine prior GTCR funds.
Also, the pension fund invested up to $150 million in a distressed credit strategy separate account managed by Canvas Capital, which is dedicated to distressed credit in Brazil, and committed up to $150 million total to middle-market private equity fund Charlesbank Equity Fund IX and Charlesbank Equity Fund IX Overage Allocation Program, both managed by Charlesbank Capital Partners. PRIM has previously made commitments to four prior Charlesbank funds.
The pension fund also committed up to $80 million to growth equity fund Insight Venture Partners X. PRIM has committed to nine prior Insight Venture Partners funds.
Finally, the pension fund committed up to €50 million ($59 million) to Waterland Private Equity Fund VII, a private equity fund managed by Waterland Private Equity Investments that focuses on northern European countries including Austria, Belgium and the Netherlands. It is the first commitment for PRIM to a Waterland fund.