Institutional Investors

Massachusetts PRIM taps Cliffwater


Michael Travaglini

The $49 billion Massachusetts PRIM Board hired Cliffwater for direct hedge fund consulting services and has proposed a $500 million mandate for direct hedge fund allocations.

The board decided in the last year to pare back its fund of hedge fund programme to total five managers from 11 groups, when the pension fund had an absolute return portfolio and portable alpha component.

Massachusetts sought a firm to provide education, planning and implementation of a direct hedge fund programme, manager oversight, manager search and selection, portfolio monitoring and portfolio analysis.

Cliffwater’s role would include