The Massachusetts Teachers’ Retirement System (MTRS) provides retirement, disability, and survivor benefits to public school teachers and administrators across Massachusetts. With approximately $30 billion in dedicated assets, MTRS is one of the largest teacher retirement systems in the northeastern United States.
Investment Strategy
MTRS assets are invested through the Pension Reserves Investment Trust (PRIT) Fund, which is managed by the Pension Reserves Investment Management Board (PRIM). PRIM’s combined portfolio exceeds $100 billion and is diversified across public equities, fixed income, private equity, real estate, hedge funds, and other alternatives.
The alternatives program benefits from PRIM’s scale and expertise. Private equity investments span buyout, growth equity, venture capital, and distressed strategies. Real estate allocations include core, value-add, and opportunistic funds. Hedge fund investments provide diversification and absolute returns.
PRIM has been investing in private markets for over 25 years and has built deep relationships with established managers globally. The internal investment team manages the alternatives portfolio with a focus on diversification, manager quality, and cost efficiency.
How to Approach
GPs should contact PRIM’s investment team in Boston. PRIM manages investments for MTRS and other Massachusetts pension systems. The team evaluates managers based on track record, strategy differentiation, team quality, and fee competitiveness. PRIM is active at industry conferences and maintains a broad network of GP relationships.
Frequently Asked Questions
What is MTRS's alternatives allocation?
MTRS assets are invested through the Pension Reserves Investment Trust (PRIT) Fund, managed by the Pension Reserves Investment Management Board (PRIM). PRIM allocates approximately 18% of its combined portfolio to alternatives including private equity, real estate, and hedge funds.
Who manages MTRS's investments?
MTRS assets are managed by PRIM alongside other Massachusetts pension systems. PRIM manages a combined portfolio exceeding $100 billion, providing scale advantages in accessing top-tier alternative investment managers.
How can GPs approach MTRS/PRIM?
GPs should engage with PRIM's investment team in Boston. PRIM manages alternatives for all Massachusetts state pension systems. The team has deep private markets expertise and evaluates managers through a rigorous due diligence process.
