MassPRIM To Pick First 20 Direct Hedge Funds

Jun 9 2011 | 1:02pm ET

Massachusetts' main public pension fund will make its first direct hedge fund investments in October under a plan approved on Tuesday.

The Massachusetts Pension Reserves Investment Management board will pick 10 managers in October and another 10 in December to manage a total of $500 million. The decision follows an earlier one to begin to cut back on funds of hedge funds in an effort to reduce fees.

MassPRIM currently has about $3.8 billion invested with funds of funds.

The first set of hedge funds will split $255 million and the second $245 million, with the first money actually reaching the funds in January. MassPRIM and consultant Cliffwater said they would focus on established, institutional quality hedge funds able to take on more capital as the direct investment program grows.

At the same meeting, the board approved commitments of up to almost $300 million to four private equity funds. Vista Equity Partners' Fund IV received a commitment of up to $150 million, Genstar Capital Partners' Fund IV up to $60 million, Quad-C Partners' Fund VIII up to $50 million and Index Ventures' Growth II up to €20 million.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...