Massachusetts PRIM makes follow-on commitment
The $54 billion Massachusetts Pension Reserves Investment Management Board has approved a commitment of up to $100 million to DivcoWest Fund IV, a value-added fund managed by DivcoWest, at its Dec. 3 meeting.
DivcoWest’s fourth fund launched this year with an $888 million fundraising goal. The fund is expected to replicate its predecessor’s investment style, targeting office and industrial properties in technology-oriented growth markets.
This is a follow-on investment to the fund series by PRIM. The pension fund committed capital to Fund IV’s predecessor, DivcoWest Fund III. DivcoWest Fund III closed in January 2012, exceeding its $800 million target with $871 million raised in equity commitments. With leverage, DivcoWest Fund III provides the firm with m