Institutional Investors

Permal, EnTrust to manage Massachusetts water funds


The Massachusetts Water Resources Authority Retirement System recently won approval to allocate up to 9% of its total market value to alternative investments.

The roughly $300 million pension fund has been making hedge fund strides and late last year allocated $5.2 million to Permal Asset Management and is holding $5.2 million in cash for an allocation to Entrust that needs to be approved by the state pension oversight agency PERAC. Previously, the pension fund had $10.4 million allocated to the PRIM Hedge offering, which is managed by the Massachusetts Pension Reserves Investment Management Board.

Entrust and Permal were