MassPRIM Commits $600M Across PE, Credit, and Real Estate
The Massachusetts Pension Reserves Investment Management Board (MassPRIM) approved $600 million in new commitments to private market strategies at its May board meeting, reinforcing its focus on private equity, credit, and real estate. The allocations expand relationships with four existing managers and span MassPRIM’s $110 billion portfolio.
Private Equity Commitments Total $350M
MassPRIM allocated $200 million to Charlesbank Equity Fund XI, a middle-market buyout fund targeting $4 billion. The Boston-based firm invests in sectors such as business and consumer services, healthcare, industrials, and technology infrastructure. PRIM has invested in eight prior Charlesbank funds since 2000.
The board also approved a $150 million commitment to JMI Equity Fund XII, a $2.4 billion growth equity vehicle focused on B2B software companies in North America. PRIM has been a repeat investor in JMI funds and co-investments since 2018.
MassPRIM also announced the addition of Matt Marshall to the private equity team as an investment officer. Marshall joins from Beth Israel Lahey Health’s Investment Office, bringing experience in venture and private equity due diligence.
$100M Allocated to BGO’s U.S. CRE Lending Fund
In private credit, PRIM committed $100 million to BentallGreenOak’s US Value-Add Lending Fund II, which is targeting $750 million. The fund originates whole loans secured by transitional U.S. commercial properties and is part of BGO’s $19 billion real estate debt platform. This investment falls under PRIM’s other credit opportunities allocation.
$150M to DivCore West Real Estate Strategy
PRIM added $75 million to DivCore Fund VII, a value-oriented real estate strategy targeting distressed sellers, liquidating lenders, and rescue capital opportunities. An additional $75 million was earmarked for co-investments alongside the fund. This marks PRIM’s fifth commitment to DivCore in 14 years. Fund VII will target office, residential, industrial, data centers, preferred equity, and debt.
Portfolio Update
For the fiscal year ending March 31, PRIM reported a 5.5% return. The strongest returns came from portfolio completion strategies, which include hedge funds, delivering 9.4% for the period.