MassPRIM adding $785m to private equity, real estate debt

The Massachusetts Pension Reserve Investment Management Board (MassPRIM) has approved an additional allocation of up to $785m to new private equity and real estate debt investments, according to a report by Pensions & Investments Online.

The report cites MassPRIM spokesman Cosmo Macero as confirming that the commitments were approved by the $88.6 billion pension fund’s board at a meeting on 1 December.

The new commitments include 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. In addition, growth equity fund WestView Capital Partners V is set to receive up to $125 million, while €100 million ($104 million) has been allocated to to Altor Fund VI, a European lower middle-market buyout fund managed by Altor Equity Partners.

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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.

MasPRIM’s allocation to private equity stood at 18.2% as of 30 September.

Source: Private Equity Wire

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