Maryland State Retirement & Pension System, Baltimore, allocated $1.1 billion from May through August, board documents from its Tuesday meeting show.
Nearly all the commitments the $64.6 billion pension fund made during that period were in private equity, including three $125 million commitments: one to Thoma Bravo Fund XV, a middle-market buyout fund; one to Apollo Investment Fund X, a buyout fund managed by Apollo Global Management; and one to buyout fund Silver Lake Partners VII.
Maryland also committed $100 million to Hg Saturn 3, a European large buyout fund, and $90 million to Hg Genesis 10, a European upper-middle-market buyout fund, each managed by Hg Capital; $100 million to Bridgepoint Europe VII, a European buyout fund; $80 million to Wind Point Partners X, a middle-market buyout fund; and $40 million to 1315 Capital III, a growth equity fund focused on health care.
The pension fund also made seven private equity co-investments totaling $119 million. Spokesman Michael D. Golden in an email declined to provide specifics about the co-investments because it would "require divulging individual companies, which we are precluded from providing."
In credit, Maryland committed $150 million to Ares Sports, Media & Entertainment Finance, a private credit strategy run by Ares Management.
As of June 30, the pension fund's asset allocation was 28.4% public equity, 21.5% private equity, 17.6% rate sensitive, 11% real estate, 7.9% credit, 7.6% absolute return, 4.2% infrastructure, 0.4% multiasset and the rest in cash.
