MassPRIM makes big pledges to GTCR and American Securities

MassPRIM’s board, which oversees $56.9 billion in the state’s pension assets, reported on two commitments it approved during its October meeting.

The board committed $180 million to GTCR Fund XI, which has been targeting $3.25 billion. peHUB reported earlier that Fund XI, which launched in July, is likely to exceed its target, and has been working with limited partners to fit their commitments into the fundraising. Some LPs may have their desired commitment size cut back to make room for other investors, according to a person with knowledge of the fundraising.

The board also committed $100 million to American Securities Opportunities Fund III, which has been targeting $750 million for distressed debt investments.

MassPRIM had allocated $1 billion to spend on private equity this year, and has committed $652 million, leaving $348 million to spend this year. The system also allocated $700 million to spend in 2013 on “alternative fixed income,” and with its pledge to American Securities, the system has $600 million left to spend, according to documents from MassPRIM.

Chris Witkowsky is editor of peHUB