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Alternative Assets  + Private Equity  |  September 5, 2023
MassPRIM Added $647M to Private Equity Funds in First Quarter
Joe Palmisano
By: Joe Palmisano

MassPRIM Added $647M to Private Equity Funds in First Quarter

The Massachusetts Pension Reserves Investment Management Board (MassPRIM) approved commitments to a range of private equity funds in the first quarter of 2023, according to recently released information.

Follow-on investments were made with CVC Capital Partners, PSG Equity, American Industrial Partners and KPS Capital Partners.

A $272 million commitment was approved for CVC Capital Partners IX. Since 1996, PRIM has invested in eight preceding funds. The new fund focuses on control-oriented buyouts in Europe and North America.

PSG VI secured a $150 million commitment. PRIM stated it has previously invested in three PSG Equity funds. PSG VI will invest in growth-oriented, lower middle-market companies primarily in software and tech-enabled services industries in North America.

Another $150 million was committed to American Industrial Partners Capital Fund VIII, which is focused on buyouts of North American middle-market industrial companies.

KPS Special Situations Mid-Cap Fund II was awarded a $75 million mandate for its buyout strategy aimed at industrial and manufacturing companies in North America and Western Europe. According to officials, PRIM has previously invested in four funds since 2009.

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Massachusetts Pension Reserves Investment Management Board

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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