Updated with correction.
The name of a Bain Capital fund was incorrectly identified in a version of this story that ran in the Nov. 18 P&I Daily.
Maryland State Retirement & Pension System, Baltimore, disclosed $1.3 billion in commitments from September and October, board documents from its meeting show.
In fixed income, the $68.5 billion pension fund disclosed at its Tuesday meeting that it committed $300 million to Voya MSR Opportunities Fund I, which focuses on mortgage servicing rights and is managed by Voya Investment Management.
Maryland made three commitments in credit/debt: $200 million to AG Potomac Fund, which focuses on corporate credit solutions and is managed by Angelo Gordon & Co.; $200 million to Whitehorse Liquidity Partners V, a secondary private equity fund of funds; and $125 million to FP Credit Partners II, an opportunistic credit fund managed by Francisco Partners.
In private equity, $100 million was committed to Clearlake Capital Partners VII, a private equity special situations and value fund managed by Clearlake Capital Group, and $70 million was committed to Baring Asia VIII, an Asia-Pacific buyout fund managed by Baring Private Equity Asia. Maryland also made two private equity co-investments: $15 million to a co-investment associated with Bain Capital XIII, a North American diversified global buyout fund, and a $14 million co-investment associated with Great Hill Equity Partners VII, a buyout fund managed by Great Hill Partners. The pension fund committed $150 million to the Bain fund and $100 million to the Great Hill fund in 2020.
In public equity, Maryland committed $105.7 million to an international strategy run by Applied Research Investments, $66.4 million to a U.S. small cap value equity strategy run by Phocas Financial and $64.9 million to a U.S. small cap growth equity strategy run by Summit Creek Advisors.
Maryland also made a $75 million co-investment to a joint venture between AEW Capital Management and Montecito Medical Real Estate that focuses on medical office real estate. Maryland committed $100 million in 2020 to AEW Partners Real Estate Fund IX, a value-added real estate fund.
As of Sept. 30, the pension fund's asset allocation was 51% growth equity, 16% rate sensitive, 12% real assets, 10% credit/debt, 9% absolute return, 1% multiasset and the rest to cash.
