Mass PRIM Trims the Fat on Hedgies
October 14, 2009
The Massachusetts Pension Reserves Investment Management (PRIM) board voted yesterday to remove four firms from its roster.
The Blackstone Group, Crestline Investors, E.I.M. and Strategic Investment Group were all terminated from their respective hedge fund portfolios. According to published reports, the Mass PRIM board was looking to trim its exposure to the asset class down to 8% from 11%. The decision was not performance-based.
Meanwhile, the board gave its approval for a $100 million private equity investment with Gores Capital Partners. Ennis Knupp + Associates advised the board.
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