MassPRIM PE chief to join fund of funds

The head of Massachusetts’ $41bn state pension’s private equity programme, Wayne Smith, is leaving the programme after 11 years.

Wayne Smith, the long-time head of private equity at the Massachusetts Pension Reserves Investment Management Board, is leaving to join fund of funds Pathway Capital Management. Pathway was formed in 1991 and manages more than $24 billion.

Smith’s resignation will be effective 2 August. He spent 11 years at the MassPRIM building the private equity programme. MassPRIM’s private equity programme is valued at $6.8 billion and includes 235 limited partnerships, according to the pension board’s web site.

“[Smith’s] leadership, knowledge of the investment industry, friendship and work ethic will be greatly missed at PRIM,” Michael Trotsky, executive director at MassPRIM, wrote in an email.

The pension board has initiated a search to replace Smith.

Prior to MassPRIM, Smith worked as a senior investment officer at Liberty Mutual Group monitoring the private equity portfolio and providing due diligence on venture capital and buyout funds. He has also worked as a private equity committee member for Babson College’s endowment since 2010.

The $41.3 billion MassPRIM has a 10 percent allocation target to private equity. The board has been an active investor in private equity and in recent months has committed to firms including Centerbridge Capital Partners, GTCR, Montagu, Genstar Capital Partners and Vista Equity Partners.