Maryland State Retirement & Pension System, Baltimore, disclosed $485 million in commitments made in October and December, according to board documents.
In real return, the $66.4 billion pension fund committed $150 million to DigitalBridge Partners III, a closed-end fund managed by DigitalBridge Group that focuses on digital infrastructure assets, documents from its Feb. 20 board meeting showed. Also in real return, it committed $100 million to value-added infrastructure fund EQT Infrastructure VI.
In absolute return, Maryland committed $100 million to Hudson Bay Special Opportunities Fund, an opportunistic fund managed by Hudson Bay Capital Management.
And in credit/debt, the pension fund committed $100 million to HCR Potomac Fund II, a fund of one managed by Healthcare Royalty Partners; and $35 million to GraMex Investment Holdings, an emerging markets private credit co-investment associated with Gramercy Funds Management. Maryland previously committed $150 million to Gramercy Capital Solutions Fund III, an emerging markets private credit fund, earlier in 2023.
As of Dec. 31, the pension fund's actual allocation was 29.4% public equities (28.5% target), 21.5% private equity (21.5% target), 17.6% rate-sensitive assets (19.9% target), 10.1% real estate (10.1% target), 9.3% credit (9% target), 5.9% absolute return (6% target), 4.7% natural resources and infrastructure (5% target), and the rest in cash.
