Maryland State Retirement & Pension System, Baltimore, allocated $1.2 billion in commitments in October and November, according to board documents.
In credit/debt, the $63.3 billion pension fund invested $500 million with Manning & Napier Advisors benchmarked to a high credit quality U.S. high-yield index. Separately, it invested $60 million within the system's emerging manager program — Terra Maria — with Ducenta Squared Asset Management, also benchmarked to a high credit quality U.S. high-yield index.
Maryland committed $250 million to Whitehorse Liquidity Partners VI, a secondary private equity fund of funds; $150 million to Tiverton AgriFinance III, a direct lending agriculture fund managed by Tiverton Advisors; and $150 million to NHTV II Kyoto Co-Investor, a private co-investment in media royalties managed by Morgan Stanley's Tactical Value Investing Team.
And in fixed income, the system invested $50 million within its Terra Maria program with Loop Capital Asset Management that is benchmarked to a U.S. aggregate index.
As of Sept. 30, the system's actual allocation was 28.8% public equities (27.4% target), 22.6% private equity (22.6% target), 16.6% rate-sensitive assets (19.2% target), 10.8% real estate (10.8% target), 9.3% credit (9% target), 6.1% absolute return (6% target), 4.3% natural resources and infrastructure (5% target), and the rest in cash.
