Massachusetts Pension Reserves Investment Management Board, Boston, agreed to commit a total of $450 million to three alternatives funds, confirmed Elizabeth Herlihy, spokeswoman for the $86.9 billion pension fund.
At its meeting Wednesday, the board agreed to commit up to $200 million to Thomas H. Lee Equity Fund IX, a private equity and credit fund managed by Thomas H. Lee Partners that focuses on business and finance, health care, and media and information services. MassPRIM has invested in seven previous Thomas H. Lee funds.
The board also agreed to commit up to $150 million to Berkshire Multifamily Debt Fund III, a real estate debt fund managed by Berkshire Group; and up to $100 million to JMI Equity Fund X, a growth equity fund focusing on software companies in North America. MassPRIM committed to the previous Berkshire multifamily debt fund and one prior JMI fund.
In addition, the board agreed to increase its target allocation range to private equity by 1 percentage point, to 11% to 17%, from 10% to 16%; and decrease its target allocation range to portfolio completion strategies by 1 percentage point, to 7% to 13%, from 8% to 14%.