Updated with clarification
Maryland State Retirement & Pension System, Baltimore disclosed $1 billion in commitments or investments to 11 managers from June through November, board documents show.
In credit/debt, the $57.3 billion pension fund committed $575 million to six managers: $150 million to Taurus Mining Finance Fund II, a natural resources fund managed by Taurus Funds Management; $100 million to Highbridge Convertible Dislocation Fund, a credit strategy managed by Highbridge Capital Management; $100 million to LCM Credit Opportunities Strategy IV, a private credit fund managed by LCM Partners; and $50 million to Shamrock Capital Content Fund II Co-Invest I, which invests in entertainment intellectual property rights and is managed by Shamrock Capital Advisors.
The fund also made follow-on commitments of $100 million to CVI Chesapeake Credit Opportunities Fund, a distressed credit fund managed by CarVal Investors, and $75 million to HCR Potomac Fund, a fund-of-one managed by Healthcare Royalty Partners. Maryland committed $150 million to the CVI Chesapeake Credit Opportunities Fund in 2019 and $150 million to the HCR Potomac Fund earlier this year.
Maryland made two investments in absolute return: $100 million to Silver Lake Alpine II, a structured debt and equity strategy that focuses on technology companies; and $50 million to PHM IV Co-Invest, part of Goldman Sachs Asset Management's Petershill IV, which seeks to acquire direct general partner stakes in alternative money managers, primarily in private equity.
In real estate, $100 million was committed to AEW Partners Real Estate Fund IX, a value-added real estate fund managed by AEW Capital Management.
And in private equity, $125 million was committed to LLR Equity Partners VI, a buyout fund managed by LLR Partners, while three commitments went to venture capital funds managed by GGV Capital: $29.6 million to GGV Capital VIII; $7.4 million to GGV Capital VIII Plus and $13 million to GGV Discovery III.
As of Sept. 30, the pension fund's asset allocation was 36.3% public equity, 18.5% rate sensitive, 14.8% private equity, 11.7% real assets, 9.5% credit/debt, 7.8% absolute return, 0.8% multiasset and the rest to cash.
