The Massachusetts Pension Reserves Investment Management Board (MassPRIM) has voted to make more than $2.1 billion (€1.3 billion) in commitments including $675 million to private equity.
The state pension will commit $150m to Onex Partners’ third fund targeting $4.5 billion, and $100m each to energy funds Tenaska Power Fund II targeting $1.5 billion, and Quantum Energy Partners V.
Middle market firm American Securities’ fifth fund targeting $1.5 billion will receive $75 million and Thoma Cressey Bravo’s ninth fund will receive $50 million.
MassPRIM will also allocate $100 million to TCW Crescent Mezzanine Partners V targeting $2.5 billion and $100 million to distressed-focussed Avenue Capital’s first European Special Situation Fund.
The pension has also committed $450 million each to T. Rowe Price Group and Jennison Associates for investment in timber. MassPRIM has 2 percent of its portfolio allocated to timber with a long term target of 4 percent.
Also committed was $270 million apiece to Eaton Vance and ING Investment Management for investment in bank loan funds.
The $53.7 billion pension has 7.4 percent of its capital invested in alternatives, including private equity, with a long term allocation of 10 percent.