Massachusetts commits more than $300m to PE

The state’s Pension Reserves Investment Management Board has committed to Chequers Capital, Genstar Capital Partners, Vista Equity Partners, Quad-C Partners and Index Ventures.

The Massachusetts Pension Reserve Investment Management Board committed more than $300 million dollars to private equity this week.

Commitments were made across five funds, including up to €40 million to French mid-market fund Chequers Capital XVI, which is expected to close on its €850 million hard-cap after three months of fundraising.

The board committed up to $60 million to Genstar Capital Partners’ sixth fund, which is targeting $1.5 billion with a likely cap of $1.75 billion for mid-market companies based in North America.

PRIM made its largest commitment of up to $150 million to Vista Equity Partner’s fourth fund. Massachusetts is the third US pension to commit to Vista Equity recently along with state pensions in Oregon and New Jersey. The fourth fund is targeting $2.5 billion for mid to upper mid-market software and technology enabled solutions companies.

Also, the state committed up to $50 million to Quad-C Partners eighth fund, targeting $900 million for controlled buyouts of mid-market businesses. An additional €20 million was committed to Index Ventures Growth II, which is targeting €500 million for growing technology investments in Europe, the United States and Israel.

The pension has a 10 percent allocation to private equity and its portfolio is valued at $4.35 billion. Massachusetts has been one of the most active investors in the asset class, having recently committed to Centerbridge Capital Partners II, GTCR X and Montagu's fourth fund.