MassPRIM approves $660m in PE commitments

The US public pension has slated $660 million across three buyout funds and a venture fund.

Institution: Massachusetts Pension Reserves Investment Management Board
Headquarters: Boston, United States
AUM: $79.08bn
Allocation to alternatives: 24.0%
Bitesize: $50-100m

Massachusetts Pension Reserves Investment Management Board has confirmed $660 million-worth of private equity commitments across four vehicles, a contact at the pension informed Private Equity International. These are the pension’s first commitments to the asset class since confirming its 2020 private equity portfolio plans earlier this month.

Insight Partners XI has received a $150 million commitment, with the remaining $510 million committed to three funds managed by Thoma Bravo. $300 million has been set aside for Fund XIV from Thoma Bravo’s flagship series, $150 million has been committed to Discover Fund II, with the final $60 million allotted to the firm’s small to mid-market-focused Explorer fund.

The $79.08 billion US public pension has a 12.5 percent allocation to private equity that currently stands at 11.0 percent.

As illustrated below, MassPRIM is a repeat investor to private equity funds managed by Thoma Bravo and its predecessor Thoma Cressey Bravo. The pension has made 15 commitments to vehicles managed by the two firms since its first commitment to 1998-vintage Thoma Cressey Fund VI.

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