Massachusetts Pension Reserves Investment Management Board, Boston, committed up to $150 million to two private equity managers, confirmed Eric Convey, a MassPRIM spokesman.
The board, which oversees the state's $52 billion Pension Reserves Investment Trust fund, committed up to $50 million to ACON Equity Partners III, a fund that primarily invests in U.S. middle-market private equity and is managed by ACON Investments, and up to $100 million to KPS Special Situations Fund IV, a fund that focuses on turnarounds and special situations and is managed by KPS Capital Partners.
The commitments were approved Tuesday at a MassPRIM board meeting.
Separately, the board reported the PRIT fund returned 2.6% in the first two months of 2013, five basis points above its benchmark. For the fiscal year through February, the trust fund was up 10.5%, 61 basis points above its benchmark. MassPRIM's fiscal year began July 1.