Massachusetts Pension Reserves Investment Management Board, Boston, has given preliminary approval of investing $1 billion with emerging and diverse managers over the next two years.
The $1 billion target is part of the $95.7 billion pension system's FUTURE initiative, which looks to bring the diversity within MassPRIM's vendor base to at least 20% to comply with the state's new Investment Equity Law signed in January.
As of Sept. 30, MassPRIM has about $7.6 billion, or nearly 8% of the fund, invested by diverse investment managers, confirmed Andrew S. Napolitano, a spokesman for Massachusetts state Treasurer and MassPRIM Chairwoman Deborah B. Goldberg.
In a news release Tuesday, Ms. Goldberg said that "by investing $1 billion into its emerging-diverse managers program, (PRIM) is taking important steps in addressing the inequities endemic in the financial services sector."
MassPRIM will use the following investment consultants and investment managers to source and conduct due diligence on emerging and diverse managers: Hamilton Lane for private equity, Bivium Capital Partners for fixed income, Cambridge Associates for real estate, Xponance for global equities and Pacific Alternative Asset Management Co. for hedge fund managers.
The board is scheduled to vote on the investment committee's recommendation on Dec. 2.
