Maryland confirms $555m in commitments

The US public pension has backed six PE vehicles in its latest round of commitments.

Institution: Maryland State Retirement and Pension System
Headquarters: Baltimore, United States
AUM: $56.13bn
Allocation to alternatives: 26.40%
Bitesize: $50-100m

Maryland State Retirement and Pension System has agreed to $555 million-worth of private equity commitments across six vehicles, a contact at the pension informed Private Equity International.

The commitments comprise of $150 million to Madison Dearborn XIII, $100 million to Wind Point Partners IX, $50 million to Frazier Life Sciences X, $120 million to MBK V, $75 million to Healthcare Royalty Partners IV and $60 million to Clearlake Capital Partners VI. All commitments were confirmed between November 2019 and January 2020.

The $56.13 billion Baltimore-based public pension has a 13.4 percent current and target allocation to private equity.

As illustrated below, the six commitments confirmed by Maryland are varied across PE strategies: three commitments are to buyout funds, with one commitment apiece directed towards a distressed fund, corporate debt fund and an early-stage venture/growth fund.

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