Fund performance: Massachusetts LP steps on the gas as recession recedes

With the 2008-2009 recession slowly receding, Massachusetts Pension Reserves Investment Management Board stepped up its venture investing and hasn’t looked back.

The money manager maintained a generally stronger annual buying pace from 2010 through 2014 after several years of slower investing, according to data supplied to VCJ for the period.

The focus has been smaller and mid-tier funds with a pretty even balance between early- and late-stage investment profiles, the data shows.

Among the largest commitments are those to Technology Crossover Ventures, IVP, Spark Capital and Insight Venture Partners. The LP bought into three Spark funds, four funds from Index Ventures, three Union Square Ventures funds and two funds from Sofinnova Ventures during the period.

Returns were not released.

The purchasing peaked in 2011 and 2012, when seven and then six investments were made, respectively. Investments in 2012 came to about $200 million and in 2011 to $168 million.

The activity shows a reasonable effort at diversification.

About 40 percent of the funds are $300 million to $700 million in size. Another 40 percent are below $300 million, according to fund profile information from Thomson Reuters.

The accompanying table lists the 26 funds with their commitment levels.