MassPRIM⁣ Invests $600M in Private Equity, Credit, Real Estate

‍ Updated June 02, 2025
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The Massachusetts ⁤Pension Reserves Investment Management Board‍ (MassPRIM) has approved $600 million in new investments across private equity, credit, and real estate, ‌demonstrating a continued focus on these asset classes.The commitments,⁤ approved at the board’s May meeting, will expand existing relationships with four managers and impact MassPRIM’s overall $110 billion portfolio.

Within‍ private equity, MassPRIM committed $200 million to Charlesbank Equity Fund XI, which targets middle-market buyouts. Charlesbank, based in Boston, ‌focuses on business and consumer services, healthcare, industrials, and technology infrastructure. MassPRIM has invested in eight previous Charlesbank funds as 2000.

An additional $150 million was⁤ allocated to JMI Equity Fund XII, a growth equity⁣ fund focused⁣ on B2B software companies in​ North America. MassPRIM ​has ‍invested in JMI funds⁢ and ‌co-investments as 2018.

Matt Marshall has joined MassPRIM’s ‌private equity team as an investment officer.He previously worked at Beth Israel Lahey Health’s Investment Office, where he⁢ focused on venture and private equity⁤ due diligence.

In private credit, MassPRIM committed $100 million to BentallGreenOak’s⁢ (BGO) US​ Value-Add Lending Fund II.⁣ 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 MassPRIM’s other credit opportunities allocation.

MassPRIM ⁣also allocated $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 MassPRIM’s fifth commitment to DivCore in ​14 years. Fund VII will target office, residential,​ industrial, data centers, preferred ‍equity, and debt.

MassPRIM reported a 5.5% return for the fiscal year ending March 31. Portfolio completion strategies, including hedge funds, delivered the strongest returns at 9.4% for the period.

What’s ⁢next

MassPRIM will continue to monitor ⁤its private market investments and explore new opportunities ‌to enhance portfolio diversification and returns.