ABOUT PRIM
As a fiduciary, PRIM’s mandate is to construct and manage a portfolio of investments that delivers strong risk-adjusted returns to reduce the Commonwealth’s unfunded pension liability and also help local participating retirement systems meet their pension obligations. PRIM aims to be a leading investor of retirement funds through strong financial performance, a high degree of professionalism and transparency, and responsible resource management.
PRIM’s highly experienced, professional investment staff seeks to maximize the return on investment with an acceptable level of risk by broadly diversifying the investment portfolio, capitalizing on economies of scale to achieve cost-effective operations, and providing access to high-quality investment strategies. Through a disciplined yet innovative approach to market opportunities, PRIM has consistently exceeded both its benchmark and its actuarial target rate of return as established by the Commonwealth over the long term.
We are focused on building a portfolio that maximizes our probability of achieving the actuarial rate of return while minimizing risk and cost. We believe that evaluating any investment and any portfolio must focus on three equally important parameters: return, risk, and cost. As a result of those beliefs, we don’t make tactical asset allocation decisions or investment decisions based on market or economic predictions. Instead, we engineer a strategic, long-term asset allocation policy that we construct to stand the test of a long-time horizon.
AWARDS AND RECOGNITION
The Allocator from With Intelligence Lifetime Achievement Award
The Allocator from With Intelligence presented Michael G. Trotsky, CFA, PRIM’s Executive Director and Chief Investment Officer, with its Lifetime Achievement Award. The publication called PRIM “a beacon of public service and investment prowess for the people of the Commonwealth of Massachusetts.” (October 2024)
Chief Investment Officer 2024 POWER 100
Chief Investment Officer recognized Michael G. Trotsky, CFA, PRIM’s Executive Director and Chief Investment Officer, in its 2024 POWER 100. The publication highlighted how many CIOs continue to maintain calm and guide their organizations through tough choices about public and private markets. (October 2024)
PRIM’s Private Equity Portfolio Ranked #4 by the American Investment Council
PRIM’s Private Equity Portfolio was ranked 4th among 200 U.S. public pension funds based on 10-year performance by the American Investment Council’s Public Pension Study. PRIM is the only fund that has been in the top five every year the study has been conducted, including #1 rankings in 2019, 2018, 2015, and 2013. (June 2025)
Certificate of Achievement for Excellence in Financial Reporting – Government Finance Officer Association
PRIM was awarded the Government Finance Officer Association’s Certificate of Achievement for Excellence in Financial Reporting for the 20th consecutive year. (June 2025)
PRIM Ranked #5 For Assets Managed by Diverse Managers by Pensions & Investments
PRIM was ranked fifth among the largest 200 funds in the U.S. for assets managed by diverse managers. This is an indication that PRIM’s ongoing efforts over the years, combined with the new FUTURE Initiative, are putting PRIM at the top of the rankings in terms of progress. (February 2025)
GIPS® Compliance
For the 7th consecutive year, PRIM has completed the CFA Institute’s Global Investment Performance Standards (GIPS®) verification. * PRIM is one of only a handful of large public pension plans to comply with the GIPS® standards. Additionally, Matt Liposky, PRIM’s Chief Investment Operations Officer, was appointed by the CFA Institute to chair the GIPS® Standards Asset Owner Subcommittee. (August 2024)
Private Equity International 40 under 40: Future Leaders of Private Equity
Private Equity International named Helen Huang, Senior Investment Officer, a member of its annual “40 Under 40: Future Leaders of Private Equity” list in the Investors category. PEI credited Helen with helping to “reinvigorate the pension plan’s venture capital program [and contributing] significantly to PE investment process design.” (May 2025)
Commonwealth Citations for Outstanding Performance
Veena Ramani, Director of Stewardship, and George Tsipakis, Director of Investment Operations, were named 2024 recipients of the Commonwealth Citation for Outstanding Performance by Treasurer Deborah B. Goldberg. (October 2024)
