Searches and Hires

MassPRIM seeks U.S. microcap, earmarks $310 million for 3 alts funds

Massachusetts Pension Reserves Investment Management Board, Boston, approved issuing an RFP for active U.S. microcap equity managers to run a total of about $700 million, confirmed Eric Convey, spokesman for the $72 billion pension system.

Mr. Convey said the board hopes to hire about five managers for the allocation. The RFP will be available on MassPRIM's website. Further information could not be learned by press time.

In addition, the board approved a total of $310 million to three alternatives funds.

At its meeting Thursday, MassPRIM approved a commitment of up to $150 million to American Securities Partners VIII, a North American-focused buyout fund. It also approved a commitment of up to $100 million to Thoma Bravo Discover Fund II, a lower-middle market fund, and $60 million to Berkshire Multifamily Debt Fund II, managed by Berkshire Group.

The board also approved switching to 100% active for emerging markets equities from 75% active/25% passive. Further information on manager changes could not be learned by press time.

It also selected NewAlpha and Innocap for emerging manager direct hedge fund advisory services and managed account platform services. An RFP was issued in June.

Separately, the pension fund returned 17.2% net of fees for the year ended Dec. 31, outperforming the total core benchmark of 14.9% by 232 basis points.