The Massachusetts Pension Reserves Investment Management Board, which is also known as PRIM, said Tuesday that it is hiring Michael R. Bailey to oversee management of its private equity portfolio.
When he joins PRIM next month, Bailey, a 26-year veteran of the investment industry, will have the title of senior investment officer, director of private equity.
“Private equity is an essential part of our investment mix, and I’m excited to add Michael to our team,” PRIM executive director and chief investment officer Michael G. Trotsky, said in a statement. “Michael brings superb experience and a sharp mind to overseeing the category. His unique skill set is built from years of work in private equity as an investment banker, at a large pension and with an elite endowment investment manager.”
Private equity investments make up about 10 percent of the $51 billion PRIM portfolio.
Bailey comes to PRIM from Boston’s High Vista Strategies, an endowment investment fund.
“With this hire, we have filled all of our key senior investment roles at PRIM,” Trotsky said.
In a separate statement, Massachusetts Treasurer Steven Grossman commented on Bailey’s hiring. Grossman is also the chairman of PRIM’s board of directors.
“Private equity is the best performing asset class at PRIM, and we are widely recognized as having one of the most thoughtful, mature, and innovative PE portfolios in the country,” Grossman said. “We’re counting on Michael Bailey to maintain that leadership position.”