FORTUNE — The Massachusetts Pension Reserves Investment Management Board (PRIM) has an organizational chart that is beginning to resemble the front of a Chicago classroom: No chief investment officer. No senior investment officer for private equity. No senior investment officer for hedge funds.
This is no small deal, considering that this is a $49 billion system with 12% exposure to private equity and 9.8% exposure to hedge funds (as of July 31). Pension executive director Michael Trotsky tells me that he hopes to have the positions filled by year-end, but declined to comment further.
Worth noting that I only spoke to Trotsky because I’d repeatedly asked PRIM’s CFO for year-end 2011 performance data to no avail (PRIM is supposed to disclose the info annually upon requests, for partnerships formed at least five years earlier).
If you’re interested in the data — which includes everything from early-stage VCs like Union Square Ventures to mega-LBO firms like Blackstone Group and TPG Capital — I’ve posted it below: