DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

Public investment pool

Massachusetts Pension Reserves Investment Management Board

Public investment poolBoston, MAmapension.com
Assets
$37B
Total assets, Jun 30, 2023 derived
Funded
n/a
not filed
Private markets target
n/a
policy Jun 30, 2025
Commitments
115
68 managers on Schedule C
Invests for: Massachusetts Teachers' Retirement System (MTRS), Massachusetts State Employees Retirement System
Allocation policy
ACFR, as of Jun 30, 2025
Actual allocation lines without a target (as filed)
  • Core Fixed Income 14.8%
  • Value-Added Fixed Income 7.9%
  • Overlay 0.5%
  • Timberland 2.8%
  • Portfolio Completion Strategies 8.6%
  • Private Equity 16.6%
  • Global Equity 39.6%
  • Real Estate 9.2%
Consultants and advisers
13 firms
People
4 roles
Chief investment officer
Michael G. Trotsky
Executive Director and Chief Investment Officer (Jun 30, 2025) mapension.com
Michael G. Trotsky, CFA, Executive Director and Chief Investment Officer
Manager roster
72 managers on the commitment tape
From the plan’s own commitment disclosures
Commitments
115 rows, 0 dated closings
Disclosed holdings (from the plan’s performance or holdings report, as of the report date)
DateFundManagerBucketAmountVintageStatusSource
as of May 21, 2026Affinius Credit Fund-of-Oneseparate accountAffinius CapitalPrivate credit$250MApprovedmapension.com
as of May 21, 2026Altor Equity Partners VIIAltor Equity PartnersPrivate equityn/aApprovedre-upmapension.com
as of Feb 26, 2026Quad-C Partners XI, LPQuad-C Management, Inc.Private equity$200MApprovedre-upmapension.com
as of Feb 26, 2026KKR Opportunistic Real Estate Credit Fund III, LPKKRPrivate credit$200MApprovedre-upmapension.com
as of Feb 26, 2026ROX IIKKRPrivate credit$150MApprovedmapension.com
as of Feb 26, 2026Spark Capital Growth VI, LPSpark CapitalVenture$42.0MApprovedre-upmapension.com
as of Feb 26, 2026Spark Capital IX, LPSpark CapitalVenture$18.0MApprovedre-upmapension.com
as of Aug 14, 2025Blue Owl Custom Asset-Based Finance Fundfund of fundsBlue OwlPrivate credit$250MApprovedre-upmapension.com
as of Aug 14, 2025WindRose Health Investors VII, L.P.Windrose Health Investors, LLCPrivate equity$100MApprovednew managermapension.com
as of Aug 14, 2025Polaris Growth Fund III, L.P.Polaris GrowthPrivate equity$50.0MApprovedre-upmapension.com
as of Aug 14, 2025Medicxi V, L.P.MedicxiVenturen/aApprovedre-upmapension.com
as of Jun 30, 2025Highland CapitalHighland Capital PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Hellman & Friedman LLCHellman & Friedman LPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Towerbrook Capital PartnersTowerbrook Capital PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025HongShan CapitalHongShan CapitalPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Hony CapitalHony Capital LimitedPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Trident Capital ManagementTrident Capital, Inc.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Index Ventures Management SAIndex Ventures SaVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025Turn RiverTurn/river Management, L.P.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Union Square VenturesUnion Square VenturesVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025TPG CapitalTPG Capital Advisors, LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Institutional Venture PartnersInstitutional Venture Management Xvii, LLCVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025VantagePoint Venture PartnersVantagePoint Venture PartnersVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025InterWest PartnersInterwest PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Vista Equity PartnersVista Equity PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025JMI ManagementJMI Management, L.P.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025WaterlandWaterlandPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Kelso & CompanyKelso & CompanyPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Westview Capital ManagementWestview Capital Management LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Kepha PartnersKepha Partners Management LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Wing VenturesWing VenturesVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025Keytone Capital PartnersKeytone Capital PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Xenon Private Equity Ltd.Xenon Private Equity LtdPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 20251315 Capital1315 CapitalPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Kinzie Capital Partners LLCKinzie Capital Partners LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 20255th Century Partners5th Century PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Genstar Capital PartnersGenstar CapitalPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025H.I.G. CapitalH.I.G Capital, LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Insight PartnersInsight Venture PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025BlackFinBlackFinPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025TA AssociatesTA AssociatesPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Permira Advisers LimitedPermira Advisers LimitedPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Gilde Buyout PartnersGilde Buyout PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Onex CorporationOnex CorporationPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Knox LaneKnox Lane LPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025ACON InvestmentsACON InvestmentsPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Kohlberg Kravis Roberts & Co.Kohlberg, Kravis, Roberts & Co., LPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Advent InternationalAdvent International, L.P.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025KPSKPSPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Allied Industrial PartnersAllied Industrial PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025American Securities, LLCAmerican Securities LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Lovell Minnick PartnersLovell Minnick Partners LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Alphi CapitalAlphi CapitalPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025MedicxiMedicxiPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Alta CommunicationsAlta Communications, Inc.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Technology Crossover VenturesTcvVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025Georgian PartnersGeorgian Partners Growth LPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025THL PartnersTHL PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Thoma Bravo, LLCThoma BravoPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Gores Technology GroupGores Technology GroupPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Thompson Street Capital PartnersThompson Street Capital Manager LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025GTCR Golder Rauner, LLCGTCR Golder Rauner, LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Tidemark Management Company LPTidemark Management Company LPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Tiger IronTiger Iron Capital, LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025TorQuest PartnersTorQuest PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Menlo VenturesMenlo VenturesVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025AltorAltorPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Montagu Private EquityMontagu Private Equity, LLPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025American Industrial PartnersAmerican Industrial PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Montreux Equity PartnersMontreux Equity PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Apollo ManagementApollo Management, L.P.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Nautic Partners LLCNautic Partners LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025New Enterprise AssociatesNEW Enterprise AssociatesPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Ascent Venture PartnersAscent Venture PartnersVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025NewView Capital ManagementNewview Capital Management, LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Bain CapitalBain Capital Ventures, LPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Nordic CapitalNordic CapitalPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Battery VenturesBattery Management Corp.Venturen/aDisclosed holdingmapension.com
as of Jun 30, 2025Berkshire PartnersBerkshire PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025PolarisPolaris PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Bridgepoint Capital Ltd.Bridgepoint Capital Ltd.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Polaris Growth FundPolaris Growth FundPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Carlyle GroupThe Carlyle GroupPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Providence Equity PartnersProvidence Equity PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Catalyst InvestorsCatalyst Investors, L.L.C.Venturen/aDisclosed holdingmapension.com
as of Jun 30, 2025BlackstoneBlackstonePrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Centerbridge AssociatesCenterbridge AssociatesPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Quad-C Management, Inc.Quad-C Management, Inc.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025PSG Equity L.L.C.PSG Equity L.L.C.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Charlesbank Capital PartnersCharlesbank Capital PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Quantum Energy PartnersQuantum Energy PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Charterhouse Capital PartnersCharterhouse Capital PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Red ArtsRED Arts Capital Management, LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Chequers PartenairesChequers Partenaires SaPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Rembrandt Venture PartnersRembrandt Venture PartnersVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025Clearhaven PartnersClearhaven PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Rhone Capital LLCRhone Capital LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025CohereCoherePrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025SAIF PartnersSAIF PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025CVC Capital PartnersCVC Capital PartnersPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Schroder Ventures Life SciencesSchroder Ventures Life SciencesVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025Elysian Capital LLPElysian Capital LLPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025SCPSCPPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Essex Woodlands Health VenturesEW Healthcare PartnersVenturen/aDisclosed holdingmapension.com
as of Jun 30, 2025Sherbrooke CapitalSherbrooke CapitalPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Ethos Private Equity Ltd.Ethos Private EquityPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Sofinnova Ventures Inc.Sofinnova Investments, Inc.Venturen/aDisclosed holdingmapension.com
as of Jun 30, 2025ExponentExponentPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Spark Capital Partners, LLCSpark CapitalPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Stone Point CapitalStone Point Capital LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Five Elms GPFive Elms CapitalPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Flagship VenturesFlagship Pioneering, Inc.Venturen/aDisclosed holdingmapension.com
as of Jun 30, 2025Summit PartnersSummit Partners, L.P.Private equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025ForerunnerForerunner Ventures Management, LLCPrivate equityn/aDisclosed holdingmapension.com
as of Jun 30, 2025Odyssey Investment PartnersOdyssey Capital Management, LLCPrivate equityn/aDisclosed holdingmapension.com
Size and funding
1 readings
Total assets
$37B Jun 30, 2023 derived DFX analyst
Commitment history
11 decisions the board record started

One line per vehicle, folded across the board’s own minutes and the plan’s later reports: when the item was proposed or recommended, when the board approved it, when the closing was dated, and when the position first showed up in a report. A line is closed only when a closing date exists; held means the plan reports the position without one on this graph.

VehicleManagerAmountStateProposedApprovedClosedFirst reportedOther LPs
Affinius Credit Fund-of-OneAffinius Capital$250Mapproved-May 21, 2026---
Altor Equity Partners VIIn/an/aapproved-May 21, 2026---
Quad-C Partners XI, L.P.Quad-C Management, Inc.$200Mapproved-Feb 26, 2026---
Spark Capital IX, L.P.Spark Capital$18.0Mapproved-Feb 26, 2026--2
KKR Opportunistic Real Estate Credit Fund III, LPKKR$200Mapproved-Feb 26, 2026---
Spark Capital Growth VI, LPSpark Capital$42.0Mapproved-Feb 26, 2026---
Medicxi V, L.P.Medicxin/aapproved-Aug 14, 2025---
Polaris Growth Fund III, L.P.n/a$50.0Mapproved-Aug 14, 2025---
Blue Owl Custom Asset-Based Finance Fundn/a$250Mapproved-Aug 14, 2025---
WindRose Health Investors VII, L.P.Windrose Health Investors, LLC$100Mapproved-Aug 14, 2025---
ROX IIKKR$150Mapproved-----
What changed
34 events
  • May 21, 2026Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves 150 million euro to Altor Equity Partners VII
    mapension.com
  • May 21, 2026Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves $250M to Affinius Credit Fund-of-One
    with Affinius Capitalmapension.com
  • May 21, 2026Policy updated
    Massachusetts Pension Reserves Investment Management Board (PRIM) adopts a policy change: hedge funds
    mapension.com
  • May 21, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects Innocap as general consultant
    mapension.com
  • May 21, 2026Search opened
    Massachusetts Pension Reserves Investment Management Board (PRIM) opens a managed account platform services search
    mapension.com
  • May 5, 2026Search opened
    Massachusetts Pension Reserves Investment Management Board (PRIM) opens a Managed Account Platform Services search
    mapension.com
  • Feb 26, 2026Policy updated
    Massachusetts Pension Reserves Investment Management Board (PRIM) adopts a policy change: proxy voting guidelines
    mapension.com
  • Feb 26, 2026Manager terminated
    Massachusetts Pension Reserves Investment Management Board (PRIM) terminates Baillie Gifford (international equities)
    with Baillie Giffordmapension.com
  • Feb 26, 2026Manager terminated
    Massachusetts Pension Reserves Investment Management Board (PRIM) terminates Wasatch (emerging market small cap growth equity)
    with Wasatchmapension.com
  • Feb 26, 2026Search opened
    Massachusetts Pension Reserves Investment Management Board (PRIM) opens a active global investment strategies search
    mapension.com
  • Feb 26, 2026Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves $200M to KKR Opportunistic Real Estate Credit Fund III, LP
    with KKRmapension.com
  • Feb 26, 2026Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) reports as committed $150M to ROX II (KKR)
    with KKRmapension.com
  • Feb 26, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects Aberdeen Investments as general consultant
    with Aberdeen Investmentsmapension.com
  • Feb 26, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects Aksia LLC as general consultant
    with Aksia LLCmapension.com
  • Feb 26, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects Albourne America LLC as general consultant
    with Albourne America LLCmapension.com
  • Feb 26, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects Meketa Investment Group, Inc. as general consultant
    with Meketa Investment Group Inc.mapension.com
  • Feb 26, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects New Alpha Management as general consultant
    mapension.com
  • Feb 26, 2026Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves $200M to Quad-C Partners XI, LP
    with Quad-C Management, Inc.mapension.com
  • Feb 26, 2026Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves $18M to Spark Capital IX, LP
    with Spark Capitalmapension.com
  • Feb 26, 2026Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves $42M to Spark Capital Growth VI, LP
    with Spark Capitalmapension.com
  • Feb 10, 2026Policy updated
    Massachusetts Pension Reserves Investment Management Board (PRIM) adopts a policy change: Global Equity
    mapension.com
  • Feb 10, 2026Search opened
    Massachusetts Pension Reserves Investment Management Board (PRIM) opens a Active Global Investment Strategies search
    mapension.com
  • Feb 10, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects Aberdeen Investments as general consultant
    mapension.com
  • Feb 10, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects Aksia LLC as general consultant
    with Aksia LLCmapension.com
  • Feb 10, 2026Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects Aberdeen Investments, Albourne America LLC, Meketa Investment Group, Inc., New Alpha Management as general consultant
    mapension.com
  • Nov 18, 2025Search opened
    Massachusetts Pension Reserves Investment Management Board (PRIM) opens a Managed Account Platform Services search
    mapension.com
  • Aug 14, 2025Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves $50M to Polaris Growth Fund III, L.P.
    mapension.com
  • Aug 14, 2025Search opened
    Massachusetts Pension Reserves Investment Management Board (PRIM) opens a portfolio completion strategies and other credit opportunities advisory services search
    mapension.com
  • Aug 14, 2025Consultant changed
    Massachusetts Pension Reserves Investment Management Board (PRIM) selects International Woodland Company A/S and IWC Investment Partners A/S as general consultant
    mapension.com
  • Aug 14, 2025Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves $100M to WindRose Health Investors VII, L.P.
    with Windrose Health Investors, LLCmapension.com
  • Aug 14, 2025Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves 50 million Euro to Medicxi V, L.P.
    with Medicximapension.com
  • Aug 14, 2025Commitment approved
    Massachusetts Pension Reserves Investment Management Board (PRIM) approves $250M to Blue Owl Custom Asset-Based Finance Fund
    mapension.com
  • Aug 5, 2025Search opened
    Massachusetts Pension Reserves Investment Management Board (PRIM) opens a Private Equity Advisory Services search
    with Stepstone Group LPmapension.com
  • Aug 5, 2025Search opened
    Massachusetts Pension Reserves Investment Management Board (PRIM) opens a Portfolio Completion Strategies and Other Credit Opportunities Advisory Services search
    mapension.com
Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.
Provenance
Identifiers: none on file
Cross-graph: private equity LP tape (cited), venture LP tape (cited)
First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.