MassPRIM names venture managers, not a venture return

The record

The Massachusetts Pension Reserves Investment Management Board (MassPRIM) discloses its private equity program inside its own PRIT Fund Annual Comprehensive Financial Report for the fiscal year ended 30 June 2025. It states that since inception the fund has committed $36.2 billion to private equity, invested $31.5 billion, received $36.7 billion in distributions, and holds a net IRR since inception of 13.8% across 422 active partnerships including co-investments. The report names Venture Capital as one of the strategy segments inside that portfolio, alongside large, mid, mega and small buyout and growth equity, and its external manager list includes named venture firms such as Battery Ventures, Institutional Venture Partners, Insight Partners, Menlo Ventures, Index Ventures and Technology Crossover Ventures.

What the sources establish

MassPRIM's own report states private equity returned 7.28% for the one year ended 30 June 2025, against a custom benchmark blending public equity indices that returned 15.25% over the same period, and it states plainly: 'It is important to remember that there is a one quarter lag inherent in private equity valuations.' A separate Performance Summary, dated 31 July 2026, sets a private equity policy target range of 13% to 19% of the total fund and notes that 'certain Value-Added Fixed Income investments, Private Equity, Real Estate investments, Timberland, and Portfolio Completion Strategy investments are valued only at calendar quarter ends,' a separate, monthly-report-specific version of the same lag.

Scope and revision

MassPRIM's own custom benchmark, blending 87% Russell 3000 plus 300 basis points with 13% MSCI Europe IMI plus 300 basis points, is a public-market proxy rather than a private equity index, reflecting the absence of 'a widely used or conventional benchmark in this asset class.' The 13.8% since-inception IRR and the 7.28% one-year return describe MassPRIM's whole private equity program, not venture capital in isolation; the report names venture capital as a strategy segment but does not publish a venture-only return alongside the buyout and growth-equity figures. A Massachusetts-specific manager roster, however extensive, describes MassPRIM's own fund selection, not the national venture market.

The decision in front of you

An LP or analyst using MassPRIM's disclosure should treat 13.8% as a whole-program number bounded by the one-quarter valuation lag MassPRIM itself names, and should not read the named venture managers as evidence of a Massachusetts-specific venture return the report does not separately publish. This is editorial: naming a manager is a transparency choice distinct from disclosing that manager's own performance.

• Does the return you are citing describe MassPRIM's whole private equity program, or a venture-specific slice the report does not publish?
• Are you comparing MassPRIM's return to its own custom public-market benchmark, or to a private equity index built on a different basis?
• Does the date of the figure you are using account for the one-quarter valuation lag MassPRIM states applies to these holdings?

MassPRIM discloses a large, well-documented private equity program in its own words, with venture capital named as one strategy inside it; the fund-by-fund and venture-specific detail some other pension funds in this pack publish is not part of what these two MassPRIM documents provide.