Institution: Maryland State Retirement and Pension System
Headquarters: Baltimore, US
AUM: $66.7 billion
Allocation to alternatives: 29.3 percent
Maryland State Retirement and Pension System has recently disclosed $499 million in private equity commitments, following their September and October board meeting documents.
The commitments consisted of $300 million to Voya MSR Opportunities Fund I, $100 million to Clearlake Capital Partners VII and $70 million to Baring Asia Private Equity Fund VIII. A co-investment was made of $15 million to Bain Capital Fund XIII and $14 million associated with Great Hill Equity Partners VII.
The funds are managed by Voya Investment Management, Clearlake Capital Group, Baring Private Equity Asia, Bain Capital and Great Hill Partners, respectively. The pension has previously committed capital to the Bain and Great Hill funds: $150 million to Bain Capital; and $100 million to Great Hill in 2020.
Maryland State Retirement currently allocates 16 percent to private equity, exceeding its target of 13 percent. The pension fund continues to make commitments globally, predominately focusing on venture capital and growth equity strategies.
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