MassPRIM: $600M in PE, Credit & Real Estate Investments
- 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...
- Within private equity, MassPRIM committed $200 million to Charlesbank Equity Fund XI, which targets middle-market buyouts.
- An additional $150 million was allocated to JMI Equity Fund XII, a growth equity fund focused on B2B software companies in North America.
MassPRIM Invests $600M in Private Equity, Credit, Real Estate
Updated June 02, 2025
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.