Maryland State Retirement & Pension System, Baltimore, allocated $1.1 billion to alternatives funds and equity managers from September through December, board documents from its Tuesday meeting show.
In real return, the $64.9 billion pension fund committed $300 million to IFM Global Infrastructure Fund, a core infrastructure fund managed by IFM Investors.
In credit/debt, Maryland committed $100 million each to Charlesbank Credit Opportunities Fund III, an opportunistic middle-market corporate credit fund managed by Charlesbank Capital Partners; Ares Credit Investment Partnership, a co-investment vehicle with existing manager Ares Capital Management; and Runway Growth Finance, a venture and growth debt fund managed by Runway Growth Capital. The pension fund also committed $50 million to Runway Growth Finance Opportunities Fund I, a co-investment vehicle alongside Runway Growth Finance; $75 million to Shamrock Capital Content Fund III, a buyout fund managed by Shamrock Capital Advisors; and $20 million to OMR Sands I, a co-investment with existing manager Orion Resource Partners .
In real estate, the pension fund committed $100 million to FPA Core Plus Fund VI, a core-plus multifamily real estate fund managed by FPA Multifamily.
In public equities, the pension fund hired Channing Global Advisors to manage $88 million and Promethos Capital to manage $45 million in non-U.S. equities.
In absolute return, Maryland invested $75 million in Arctos Sports Partners Fund II and $25 million in ASP II Opportunity Fund, both managed by Arctos Sports Partners and which purchase non-control stakes in professional sports franchises.
In private equity, the pension fund committed $25 million to a Bridgepoint Group co-investment vehicle about which more information was unavailable.
As of Dec. 31, the pension fund's asset allocation was 29% public equity, 21.4% private equity, 17.3% rate sensitive, 16.8% real assets, 8.2% credit/debt, 6.5% absolute return, 0.4% multiasset and the rest in cash.
