Maryland State Retirement & Pension System, Baltimore disclosed $684 million in commitments or investments to five managers in January through April, board documents from its meeting Tuesday show.
In absolute return, the $65.5 billion pension fund invested $250 million to BFAM Asian Opportunities Fund, a multistrategy hedge fund managed by BFAM Partners, and $150 million to Avidity Capital Fund, a hedge fund managed by Avidity Partners Management.
In credit, $100 million was committed to Charlesbank Credit Dislocation Overage Fund, a companion vehicle to Charlesbank Credit Opportunities Fund II, which targets credit investments in established middle-market companies and is managed by Charlesbank Capital Partners.
The pension fund made another $100 million commitment to Sunbelt Residential US FIV A, a real estate fund managed by J.P. Morgan Asset Management.
In private equity, Maryland committed $75 million to Frazier Healthcare Growth Buyout Fund X and a $9 million follow-on commitment to Frazier Healthcare Growth Buyout Fund IX. The funds are buyout vehicles focused on profitable health-care companies in the lower middle market, according to a news release from manager Frazier Healthcare Partners. Maryland previously committed $80 million to Fund IX in 2017.
As of March. 31, the pension fund's asset allocation was 51% growth equity, 15% rate sensitive and cash, 11% real assets, 11% credit/debt, 9% absolute return, 1% multiasset and the rest cash.
