BOSTON (AP) — The Massachusetts public employee pension fund on Tuesday reported a net investment return of nearly 30% for the recently ended fiscal year, the best return in the fund's 35-year history.

The Massachusetts Pension Reserves Investment Management Board in a statement said the return resulted in a net investment gain of $22.1 billion for the fiscal year that ended in June, for a total of nearly $96 billion in assets under management.

The return outperformed benchmarks by about 9%.

Net outflows to pay pension benefits for the year were approximately $1.2 billion.

Private-equity portfolio led the way with a return of 70.5%, Michael Trotsky, executive director and chief investment officer, said in a statement.

“The fiscal year 2021 record performance is a direct result of pragmatic strategies, informed analysis, and deliberate execution delivered by the talented PRIM staff in both up and down markets,” said state Treasurer Deborah Goldberg, chair of the board.

The fund oversees pension investments for about 300,000 state and municipal employees and teachers.

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