Massachusetts Pension Reserves Investment Management Board, Boston, invested or committed $2.2 billion to three investment strategies and three alternatives funds, documents from the $74.8 billion pension system show.
At its Nov. 14 meeting, MassPRIM hired BlackRock to manage $1.5 billion in a passive short-term fixed-income strategy. It also approved an initial allocation of up to $200 million to a structured credit strategy managed by LibreMax Capital; and up to $150 million to an idiosyncratic volatility arbitrage strategy managed by Advent Capital Management.
The board also committed up to $200 million to DivcoWest Fund VI, a real estate fund managed by DivcoWest Real Estate Services. It also recommended committing up to $100 million to TA Select Opportunities Fund, a middle-market growth fund run by TA Associates; and up to $75 million to Georgian Partners Growth Fund V, a growth equity fund targeting growth-oriented, lower-middle-market software companies located primarily in North America.
Also at the meeting, the board approved issuing an RFP to seek a private equity investment consultant. The RFP is being issued because MassPRIM's contract with its current private equity consultant, Hamilton Lane, will expire Sept. 30, 2020.
MassPRIM returned 9.5% for the fiscal year ended June 30, 2018.
The current asset allocation is 43.2% global equity, 13.6% core fixed income, 11.3% private equity, 10% portfolio completion strategies (which includes hedge funds), 9.4% real estate, 7.9% value-added fixed income, 3.9% timberland and the rest in overlay.
