Searches and Hires

Maryland allocates nearly $800 million to 9 managers

Maryland State Retirement & Pension System, Baltimore, committed or invested $798 million to nine managers in the fourth quarter of 2018.

According to documents from the Tuesday board meeting, the $50 billion system invested $200 million in Marshall Wace TOPS China A, a public equity strategy.

On the private equity side, the pension committed $100 million Bain Capital Asia Fund IV, a private equity fund focused on Asia-based investment opportunities; $75 million to PAG Asia III, an Asia-focused buyout fund; $70 million to buyout fund Roark Capital Partners V, managed by Roark Capital Group; $30 million to NMS Fund III, a buyout fund managed by New Mainstream Capital; and $30 million to growth fund ChrysCapital VII.

In absolute return, the pension fund invested $150 million in ILS Property & Casualty Master Fund, an insurance-linked strategy managed by Credit Suisse Asset Management.

The system also made two investments in real estate funds: $75 million to Carmel Partners Investment Fund VII, which invests in multifamily development, renovation and debt, and €60 million ($68 million) to Tristan European Property Investors Special Opportunities 5, managed by Tristan Capital Partners.

As of Dec. 31, the pension fund's asset allocation was 49.6% growth equity, 20.9% rate sensitive and cash, 13.4% real assets, 8.4% absolute return, and 7.9% credit/debt.