Massachusetts Pension Reserves Investment Management Board
Public investment pool, based in Boston, Massachusetts, reporting $37B in assets.
Composed from this allocator's classification, location and filed figures.
Nothing material in the last 90 days. Last change: 21 May 2026, $250M approved across 2 funds on 21 May 2026: Affinius Credit Fund-of-One $250M, Altor Equity Partners VII.
19 more people, 10 more advisers, 73 more managers, 116 more commitments and 34 more dated events
Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.
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People to know
View all people- Executive Director and Chief Investment OfficerWhy: Chief investment officer: owns the allocation decisionNo route on file yet
- Senior Investment Officer – Real Estate and Timberland, Director of Real Estate DebtWhy: Investment officerNo route on file yet
Capital path
who backs this record, through what, into what; each name opens its own path- Michael G. TrotskyExecutive Director and Chief Investment Officer
- Michael G. TrotskyExecutive Director and Chief Investment Officer
- Christina A. MarcarelliSenior Investment Officer – Real Estate and Timberland, Director of Real Estate Debt
- Quad-C Partners XI, LP$200M committed
- Tiger Iron Bay State Fund, L.P.$125M committed
- WindRose Health Investors VII, L.P.$100M committed
- Ares Management LLC$800M across 1 commitment
- RBC Global Asset Management Uk Ltd$500M across 1 commitment
- Beach Point Capital Management LP$400M across 1 commitment
Relationship network
230 connected entities119 observed commitments7 repeat counterparties$3.1B disclosed commitments (13 commitments)10 dated commitments shown here, 2025 to 2026
From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.
- Sponsor
- Fund or vehicle
- Service provider
- Organization
- Person
›How strength and recency are read
Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Size, funding, policy and commitments, with their basesPublic investment poolShowHide
Allocation policy
- 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
- Innocap General consultantthrough May 21, 2026 Board minutes
- Albourne America LLC General consultantthrough Feb 26, 2026 Board minutes
- Aberdeen Investments General consultantthrough Feb 26, 2026 Board minutes
+10 more consultants and advisers advise this allocator
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Decision makers
- Michael G. Trotsky · Executive Director and Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
- Christina A. Marcarelli · Senior Investment Officer – Real Estate and Timberland, Director of Real Estate DebtWhy this person: Investment officer; Named with investment responsibility
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
People
- Christina A. Marcarelli Senior Investment Officer – Real Estate and Timberland, Director of Real Estate DebtAsset-class head
+19 more people on the investment staff and board
Every name, title and published role at this allocator, with the page it was read from.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Manager roster
- Ares Management LLC$800M, 1 row, latest Feb 11, 2025
- RBC Global Asset Management Uk Ltd$500M, 1 row, latest May 6, 2025
- Beach Point Capital Management LP$400M, 1 row, latest Feb 11, 2025
+73 more managers received commitments
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What changed
- May 21, 2026Commitment approvedMassachusetts Pension Reserves Investment Management Board (PRIM) approves 150 million euro to Altor Equity Partners VII
- May 21, 2026Commitment approvedMassachusetts Pension Reserves Investment Management Board (PRIM) approves $250M to Affinius Credit Fund-of-Onewith Affinius Capitalmapension.com
- May 21, 2026Policy updatedMassachusetts Pension Reserves Investment Management Board (PRIM) adopts a policy change: hedge funds
- May 21, 2026Consultant changedMassachusetts Pension Reserves Investment Management Board (PRIM) selects Innocap as general consultant
- May 21, 2026Search openedMassachusetts Pension Reserves Investment Management Board (PRIM) opens a managed account platform services search
+34 more dated events
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Commitments
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of May 21, 2026 | Affinius Credit Fund-of-Oneseparate account | Affinius Capital | Private credit | $250M | Approved | mapension.com | |
| as of May 21, 2026 | Altor Equity Partners VII | Altor Equity Partners | Private equity | n/a | Approvedre-up | mapension.com | |
| as of Feb 26, 2026 | KKR Opportunistic Real Estate Credit Fund III, LP | KKR | Private credit | $200M | Approvedre-up | mapension.com |
+116 more commitments
Every fund and manager this allocator committed to, with the amount, date and source on each.
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Size and funding
Commitment history
How the history is foldedOne 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.| Vehicle | Manager | Amount | State | Proposed | Approved | Closed | First reported | Other LPs |
|---|---|---|---|---|---|---|---|---|
| Altor Equity Partners VII | n/a | Not disclosed | approved | - | May 21, 2026 | - | - | - |
| Affinius Credit Fund-of-One | Affinius Capital | $250M | approved | - | May 21, 2026 | - | - | - |
| KKR Opportunistic Real Estate Credit Fund III, LP | KKR | $200M | approved | - | Feb 26, 2026 | - | - | - |
+12 more board decisions
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Provenance
Provenance
Not yet on record: private markets allocation target.
Massachusetts Pension Reserves Investment Management Board is the same institution as 1 record in Venture Capital.
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Massachusetts Pension Reserves Investment Management Board sits on 176 traced paths of capital across the graphs.
DFX traced 176 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
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Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Search opened2026-05-21source on record
- Commitment approved2026-05-21source on record
- Commitment approved2026-05-21source on record
+144 more changes on this record's ledger
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The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.
›Connections
every published relationship on the graph
+96 connections on the graph
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