Massachusetts Pension Reserve Investment Management Board, Boston, approved new private equity and real estate debt commitments totaling up to $785 million.
The $88.6 billion pension fund's board approved the commitments at its Dec. 1 meeting, spokesman Cosmo Macero said in an email.
Within its other credit opportunities asset class, the board approved commitments of up to $150 million to KKR Opportunistic Real Estate Credit Fund II, an opportunistic real estate debt fund managed by KKR & Co., and up to $100 million to BentallGreenOak U.S. Value-Add Lending Fund, a real estate fund that originates whole loans and mezzanine loans secured by U.S. commercial properties.
Both are new managers for the pension fund.
As of Sept. 30, the actual allocation to other credit opportunities was 1.2%.
Within private equity, the board approved commitments of up to $150 million to Lovell Minnick Equity Partners VI, a buyout fund managed by Lovell Minnick Partners; up to €130 million ($135 million) to Waterland Private Equity Fund IX and up to €20 million ($21 million) to Waterland Partnership Fund I, both buyout funds managed by Waterland Private Equity Investments; up to $125 million to growth equity fund WestView Capital Partners V; and up to €100 million ($104 million) to Altor Fund VI, a European lower middle-market buyout fund managed by Altor Equity Partners.
MassPRIM previously committed $175 million to Lovell Minnick Equity Partners V in 2019, $75 million to WestView Capital Partners IV in 2017 and up to €65 million to Waterland Private Equity Fund VIII in 2020. Altor Equity Partners is a new manager for the pension fund.
As of Sept. 30, the actual allocation to private equity was 18.2%.