MassPRIM commits $1.2bn in private equity

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.

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