Fiscal year 2024 was a record one for Massachusetts Pension Reserves Investment Management, with pension fund managers reporting a record high balance of $105.3 billion as of June 30.
The Pension Reserves Investment Trust (PRIT) fund topped fiscal 2023’s record of $96.6 billion after the latest fiscal year saw the fund return 9.9% (9.5% net of fees) to post a net gain of $9.1 billion, MassPRIM said in a post on LinkedIn. PRIM staff “researched and deployed $6.6 billion in new investments during the year,” the organization said.
“This $105.3 billion record balance reflects the execution of a pragmatic focused strategy combined with excellent internal evaluation and analysis capabilities in both up and down markets,” Treasurer Deborah Goldberg, who chairs MassPRIM Board, said. “The people who depend on us, the more than 300,000 beneficiaries, should feel secure in knowing they have gotten outstanding performance from this tremendous group who work at PRIM.”
The retirement funds of state employees, teachers and many municipal employees in Massachusetts are invested through PRIM and its PRIT fund.
MassPRIM said that it “achieved these milestones with zero staff departures during fiscal 2024” and touted its ability to attract and retain talent in a highly competitive investment management sector.