The Massachusetts Pension Reserves Investment Management Board reported a 12.6% return for 2025, driven by strong public market performance, while continuing to deploy capital across private markets strategies. 

The $123 billion pension fund’s results, outlined in materials from its February board meeting, showed global equities leading gains with a 22% return. All asset classes posted positive performance, though private equity and portfolio completion strategies slightly trailed their respective benchmarks. 

Alongside performance, MassPRIM committed $622 million in new and follow-on investments, reflecting a continued push into credit, real assets and private equity. Within its value-added fixed income allocation, the pension approved a $200 million commitment to KKR Opportunities Real Estate Credit Fund III, a flexible vehicle targeting loans and securities backed by institutional-quality real estate across the U.S. and Western Europe. 

The fund also expanded its Portfolio Completion Strategies program, a $10 billion allocation focused on real assets and risk premia strategies, which returned 8.1% in 2025. Meanwhile, private equity—representing $19.2 billion of assets—delivered an 8.5% return and saw multiple follow-on commitments, including $200 million to Quad-C Partners XI. 

Additional allocations included a $180 million follow-on investment with JEN Partners, focused on residential land, and renewed commitments to strategies managed by Spark Capital. 

MassPRIM also tapped Aksia and Aberdeen for advisory roles across credit and portfolio completion strategies, signaling continued institutional buildout of its private markets platform.