MassPRIM commits $1.2bn in private equity

The US-based public pension has backed nine private equity funds.

Institution: Massachusetts Pension Reserves Investment Management Board
Headquarters: Boston, US
AUM: $99.8 billion
Allocation to alternatives: 34.7%

Massachusetts Pension Reserves Investment Management Board has committed a total capital of $1.2 billion across nine private equity funds, according to its Q4 2021 quarterly update.

The commitments included $22 million to USV 2022 and $32 million to USV Opportunity 2022. Union Square Ventures (USV) focuses on late-stage venture capital investments in technology companies. PRIM has invested in 11 prior USV funds since 2004.

Further commitments were made to Thoma Bravo, a sector specialist private equity group focusing on investing in businesses that provide application, infrastructure or security software products or technology enabled services. The three approved commitments were $275 million to Thoma Bravo Fund XV, $150 million to Thoma Bravo Discover Fund IV and $150 million to Thoma Bravo Explore Fund II. PRIM has invested in 14 prior Thoma Bravo funds since 2000.

The additional four commitments were $350 million to Advent International GPE X, $100 million to JMI Equity Fund XI, $40 million to Polaris Growth Fund II and €80 million to Chequers XVIII. MassPRIM has established relationships with all the funds’ institutions – Advent International, JMI Equity, Polaris Partners and Chequers Capital – as they have previously committed capital to their predecessors.

Mass PRIM currently allocates 17 percent of its portfolio to private equity. The $99.8 billion institution’s recent fund commitments have been heavily based in the North America region. A majority of the funds are predominantly focused within the technology, media, and telecom (TMT) sector.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.