Maryland commits $438 million to PE

Name: Maryland State Retirement and Pension System
Headquarters: Baltimore, US
AUM: $64.4 billion
Allocation to private equity: 21.3%

Maryland State Retirement and Pension System committed $438 million towards private equity vehicles in Q1 2023, according to its May investment meeting minutes.

The Baltimore-based public pension fund made the following commitments:

• $90 million to Bain Capital Asia Fund V
• $70 million to Institutional Venture Partners XVIII
• $125 million to TA XV
• $85 million to Vistria Fund V
• $68 million to undisclosed private equity co-investments

Bain Capital‘s fifth flagship Asia fund was launched in Q4 2022 with a target size of $5 billion. The fund has already raised $6 billion and is nearing its final close.

TA Associates‘ 15th flagship fund began fundraising in May 2023, targeting $15 billion in capital. The fund follows a growth equity strategy and has a region focus of North America and Europe.

Vistria Group‘s fifth buyout fund was launched in December 2022 with a target of $4 billion. The fund held a final close on $680 million in February 2023.

As per Maryland’s 2023 pacing plan, the pension aims to reduce its annual PE commitments to $1.5 billion. Additionally, the pension fund will reduce its commitments to large buyout funds, while hiring more venture and growth equity managers.

Maryland’s buyout portfolio was valued at $9.35 billion in 31 December 2022. The pension fund’s venture and growth was valued at $2.87 billion.

MSRPS allocates 21.3 percent of its investment portfolio to private equity, amounting to $13.7 billion in capital.

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