Massachusetts Pension Reserves Investment Management Board, Boston, agreed to commit a total of up to $423 million to four alternatives funds, documents from the $75 billion pension board's Tuesday meeting showed.
The MassPRIM board committed up to $220 million to Charlesbank Equity Fund X, a private equity fund managed by Charlesbank Capital Partners that invests in companies in the business services, industrial, health care and technology sectors; and $25 million to Charlesbank Equity Overage Fund X, a connected fund.
The board also committed up to $100 million to JEN Partners VI, a U.S. residential land development fund; and up to €65 million ($78 million) to Waterland Private Equity Fund VIII; a buyout fund managed by Waterland Private Equity Investments that targets medium-size quality companies in fragmented growth markets in Northern Europe.
The board also rehired International Woodland to provide timberland investment consulting services; rehired Bank of New York Mellon to provide global custody services for MassPRIM; and hired Verus to provide benchmarking advisory services. Verus replaced incumbent service provider NEPC, which submitted a bid along with RVK.