Massachusetts Pension Reserves Investment Management Board, Boston, approved a total of $831 million in manager hires, commitments and investments.
The $110.5 billion pension fund’s board approved the investment actions at its Dec. 5 meeting, a spokesperson said.
First, the board approved hiring DWS Group and PGIM Real Estate to manage up to $150 million each in U.S. real estate investment trust portfolios.
The pension fund issued an RFP in May for managers to diversify its REIT portfolio and complement current U.S. core REIT manager CenterSquare Investment Management, according to materials. As of June 30, CenterSquare’s portfolio had $724 million in assets.
A specific funding source was not provided.
Also, the board approved commitments of up to $150 million each to Berkshire Multifamily Credit Fund IV, a real estate debt fund managed by Berkshire Group, and small company buyout fund GTCR Strategic Growth Fund II; up to €100 million ($106 million) to buyout fund Nordic Capital Evolution II; and up to $75 million to buyout fund Turn/River Capital VI.
The board also approved an additional investment of up to $50 million in Trium Khartes, a global event-driven/merger arbitrage hedge fund managed by Trium Capital. The pension fund did not disclose how much it currently has invested in the hedge fund.
As of Sept. 30, the pension fund’s actual allocations to private equity, hedge funds, other credit opportunities and REITs were 16.3%, 7.6%, 1.8% and 0.8%, respectively.
