Maryland State Retirement & Pension System, Baltimore, returned 20.04% on its investments in its most recent fiscal year ended June 30, the system announced Thursday.
The system had $37.5 billion in assets as of June 30.
In the latest fiscal year, private equity — which now stands at 4.31% of assets —returned 24.45%, spokesman Michael D. Golden said in an interview. That outperformed the system's benchmark of 21.91%.
Public equity, which represents 47.23% of assets, had the highest return of all asset classes, at 28.76%, although it underperformed the 31.31% benchmark for the asset class.
Among other asset classes, real estate returned 23.3%; credit, 13.46%; real return, 13.11%; absolute return, 8.54%; fixed income, 4.8%; and cash, 3.43%.
State Treasurer Nancy K. Kopp, chairwoman of the system's board, praised the system's investment staff for doing “an excellent job in managing the system's prudently diversified asset allocation.”