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MassPRIM commits $650m to private equity

The allocations will go to four funds

The Massachusetts Pension Reserves Investment Management Board (MassPRIM) has approved $650 million in private equity commitments, according to recently released meeting documents.

The pension will commit $250 million to Blackstone Capital Partners VII. That fund is currently in market seeking $16 billion. Fund VII is the first post-recession effort for a Blackstone flagship fund, and will be smaller than its $21.7 billion predecessor, which closed in 2007.

$150 million will go to the CVI Credit Value Fund III managed by CarVal Investors. That fund is targeting $2 billion for opportunistic credit investments globally. Other known investors in the fund include the Fresno County Employees’ Retirement Association and the New Hampshire Retirement Association.

$200 million will go to TA Associates Fund XII. Fund XII is currently in market targeting $4 billion for growth equity investments.

Finally, $50 million will go to Thoma Bravo to the Special Opportunities Fund II. This fund is a $1 billion top-up to its main buyout vehicle, Thoma Bravo Fund XI, which closed on $3.65 billion less than a year ago.

Meeting materials show that the pension is targeting $1.7 billion in total commitments for 2015.