Massachusetts pension fund appoints PE head

Bailey, who is scheduled to start work at the end of February, joins from High Vista Strategies, a Boston-based investment fund. Before that, he was director of private equity at Lucent Asset Management and spent 15 years in investment banking.

"Private equity is the best performing asset class at PRIM, and we are widely recognized as having one of the most thoughtful, mature and innovative PE portfolios in the country," said Steven Grossman, Massachusetts treasurer. "We're counting on Michael Bailey to maintain that leadership position."

As of October 31, 2012, MassPRIM had $50.6 billion in assets under management, of which 11.6% - or $5.9 billion - was invested in private equity, above the 10% long-term target. The asset class had delivered a year-to-date return of 11.47% and 13.99% since the investment plan's inception.

For the fiscal year ended June 2012, MassPRIM had commitments in more than 200 private equity funds run by 103 different managers. North America accounts for nearly three-quarters of its portfolio, with Asia Pacific on 3%. Asia portfolio GPs - excluding global private equity firms operating in the region - include Hony Capital, Keytone Ventures and SAIF Partners.

MassPRIM's external private equity consultant is Hamilton Lane.

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