MassPRIM hires two for private equity

Michael McGirr was previously an investment manager for Bain Capital.

The Massachusetts Pension Reserves Investment Management Board (MassPRIM) has hired Michael McGirr and Erin McCafferty to fill two vacancies on their private equity team, according to a statement released Tuesday. McGirr and McCafferty will start on 7 April. 

MassPRIM lost at least two high-ranking investment professionals in recent years. In 2011, 11 year veteran Wayne Smith left the pension system in 2011 to join Pathway Capital Management, a $25 billion private equity fund of funds manager. Senior investment officer Michael Langdon departed to join Hermes GPE, a joint venture between Hermes Private Equity and asset manager Gartmore, shortly afterward.

The $56.7 billion pension system’s private equity allocation includes investments in acquisitions, equity infusion capital, recovery investments, subordinated debt and special situations, according to its investment policy. In January, MassPRIM’s board approved a private equity plan that allows for up to $1.4 billion in private equity and $700 million in private debt commitments. MasPRIM has a 10 percent long term target allocation to private equity.

McGirr will join MassPRIM from Bain Capital, where he was an investment manager who oversaw partner investments. He previously held a position as a portfolio manager for the Minnesota State Board of Investment. Before launching his career in finance, McGirr pitched for several teams in the Oakland Athletics minor league system.

McCafferty was previously a vice president at Bank of America Capital Advisors in Boston.  She managed all aspects of a $4 billion portfolio of buyout, venture capital, and real estate private equity funds, according to MassPRIM’s announcement. McCafferty has also held positions at Silicon Valley Bank and Citigroup.

“We’re tremendously excited to welcome Michael and Erin to PRIM,” said MassPRIM executive director and chief investment officer Michael Trotsky in a statement. “Each brings with them a strong understanding of private equity markets.  That expertise will serve PRIM and Massachusetts very well.”