MassPRIM PE commitments approach $1.2 bln in 2017

  • MassPRIM investment plan calls for $1.4 bln for PE
  • New commitments largely to existing managers
  • PE program netting 13.3 pct IRR

Massachusetts Pension Reserves Investment Management Board has committed almost $1.2 billion to private equity so far this year, leaving a little more than $200 million for new commitments per its 2017 investment plan.

At the start of the year the $67 billion public pension set out to commit $1.4 billion to PE. But MassPRIM has indicated it would remain flexible in its investment pacing depending the size and scale of investment opportunities.

The bulk of Massachusetts’s 2017 commitments went to managers with which it’s previously invested (see chart). The public pension did form two new relationships with Waterland Private Equity, which recently closed its seventh flagship fund on roughly $2.4 billion, and Stone Point Capital’s Trident VII fund.

MassPRIM’s 2017 PE Commitments
Fund Commitment ($m) Re-up or New
Trident VII $50 New
CVC Capital Partners VII $228 Re-up
Chequers Capital XVII $51 Re-up
Onex Partners Fund V $160 Re-up
Quantum Energy Partners VII & Quantum Energy Partners Co-Investment Fund $165 Re-up
Charlesbank Equity Fund IX and Overage Allocation $150 Re-up
GTCR Fund XII $200 Re-up
Insight Venture Partners X $80 Re-up
Waterland Private Equity Fund VII $59 New
Flagship Pioneering Fund VI $25 Re-up
Source: MassPRIM

MassPRIM’s private equity portfolio was valued at $7.1 billion as of Sept. 30. The portfolio has netted a 13.3 percent internal rate of return since inception.

Separate from PE, MassPRIM completed just one commitment to a private-debt-related investment fund this year. In August, the pension approved a commitment of up to $200 million to CVI Credit Value Fund IV, which Buyouts previously reported as targeting $2 billion.

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Sailboats sit on a dock at the MIT Sailing Pavilion on the Charles River in front of the Boston skyline on cold winter day in Cambridge, Massachusetts, on Jan. 8, 2015. Photo courtesy Reuters/Brian Snyder