Maryland State Retirement & Pension System, Baltimore, committed $1.9 billion to 13 managers from January through May, according to documents from its Tuesday board meeting.
In private equity, the $53.5 billion pension fund committed a total of $800 million to six managers. The largest commitment — $300 million — went to existing manager Lexington Partners' Lexington Co-Investment Partners V, while $45 million went to Lexington Co-Investment Partners V Overage, an overage fund participating in deals in which capacity is larger than can be invested in the main fund, said spokesman Michael D. Golden in an email.
Also, $125 million was committed to New Mountain Partners VI, a buyout and growth investment fund managed by New Mountain Capital; $120 million to Hg Genesis 9, an upper-middle-market buyout fund managed by HgCapital; $100 million to Coller International Partners VIII, a secondary private equity fund managed by Coller Capital; $60 million to Clearlake Capital Partners VI, a buyout fund managed by Clearlake Capital Group; and $50 million to Vista Foundation Fund IV, a small buyout fund managed by Vista Equity Partners Management.
It also committed $250 million to Marshall Wace TOPS Emerging Markets Fund, a public equity strategy.
In absolute return, $200 million was committed to Contrarian EM II, an event-driven strategy managed by Contrarian Capital Management, and $200 million went to Voloridge VF fund, a relative value strategy run by Voloridge Investment Management.
The pension fund made three real estate commitments: $125 million to Waterton Residential Property Venture XIV, a value-added real estate fund that invests in multifamily properties in major U.S. markets; $100 million to FPA Core Plus V, a core-plus multifamily real estate fund; and $50 million to Abacus Multi-Family Partners V, a value add strategy managed by Abacus Capital Group.
In credit, it committed $150 million to HCR Potomac Fund, a fund-of-one managed by Healthcare Royalty Partners.
As of April. 30, the pension fund's asset allocation was 34% public equity, 19% rate sensitive, 15.3% private equity, 12.5% real assets, 9.2% credit/debt, 7.9% absolute return and 1.9% multiasset, and the rest cash.