Mass Water Receives RE Debt RFP Responses, Invests $12M in PGIM PE Fund

The Massachusetts Water Resources Authority Retirement System received 13 responses to its closed-end private real estate debt search, according to recently published materials related to its November 21 board meeting.

According to a presentation by consultant NEPC, which is assisting in the search process, the pension’s real estate debt RFP collected responses from the following fund managers: ACORE Capital, Benefit Street Partners, BGO, Bridge Debt Strategies Fund Manager, CenterSquare Investment Management, Ellington Management Group, Green Cities Investment Management, HPS Investment Partners, MetLife Investment Management, Nuveen Real Estate, The Palisades Group, PCCP, and RRA Capital. 

Mass Water is considering a $10M allocation to a closed-end private debt strategy in real estate recommended by the NEPC to maintain its 10% target for its real estate debt policy, as reported by Dakota on November 4. The consultancy said the category is currently showing returns of 12% to 14%.

The pension also reviewed its private equity pacing plan, which calls for approximately $24M in new commitments to the asset class in 2025. With the firm’s investments in Pinebridge and StepStone private equity strategies winding down and having made a $10M investment in 2024 to PRIM’s private equity vintage fund for that year, the board voted to commit $12M to PRIM’s Private Equity Vintage Year 2025 fund.

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