A new study released by the Private Equity Growth Capital Council revealed that the state pension fund of Massachusetts had the highest private equity performance in the past ten years. The pension fund for state and public workers was able to generate annualized returns of 15.4%. The investments were made over a decade in firms that buy and sell other companies for profit. The Massachusetts state pension fund is valued at USD 53 billion.

Private Equity Growth Capital Council is an association that represents the buyout industry. The study covered the performance of large public pension funds in the US.

In second place for its private equity investment performance was the Los Angeles County Employees Retirement Association. The Teacher Retirement System of Texas, meanwhile, ranked third.

According to a Boston Globe report, the buyout industry has been looking for an opportunity to enhance its image as a key contributor to public pension funds.