Massachusetts Pension Reserves Investment Management Board, Boston, approved commitments and investments totaling up to $838 million at its meeting Thursday, said spokesman Cosmo Macero.
The $101.5 billion pension fund's board approved a commitment of up to $200 million to ArrowMark PRIM Fund of the One, a customized evergreen credit fund managed by ArrowMark Partners.
According to materials for Thursday's meeting, the fund will invest in bank regulatory capital relief securities, which contain underlying loan pools that could include "large corporate borrowers, small and medium-size enterprises, residential and other consumer-related loans."
The board also approved hiring North Peak Capital Management to run up to $175 million in a global long/short equity separate account. According to meeting materials, the strategy invests in small-cap and midcap stocks, utilizing what North Peak calls "applying a private equity approach to public markets."
Within private equity, the board approved a commitment of up to $200 million to TCV XII, a growth equity fund managed by Technology Crossover Ventures.
Also, the board approved venture capital commitments of up to $62 million each to Sequoia Capital China Growth VII and Sequoia Capital China Expansion I, up to $19 million to Sequoia Capital China Venture IX and up to $8 million to Sequoia Capital China Seed III.
The board also approved commitments of up to $50 million to early-stage venture capital fund Insight Partners Vision Capital II, and up to $20 million to growth equity fund Insight Partners Fund XI Follow-On Fund; and up to €40 million ($42 million) to Medicxi IV, a venture capital fund managed by Medicxi Ventures.
