Maryland State Retirement & Pension System, Baltimore, committed or invested nearly $1.8 billion with 13 managers from May through August, according to documents from its Tuesday board meeting.
In private equity, the $54.8 billion pension fund committed a total of $851 million to six managers. A commitment of $200 million was made to MD Asia Investors IV, a fund of funds managed by Asia Alternatives Management; $150 million went to Silver Lake Partners VI, a buyout fund targeting global large-cap technology firms; $150 million was committed to Bain Capital XIII Fund, a North American diversified global buyout fund; $141 million was committed to CVC Capital Partners Fund VIII, a European buyout fund; $125 million went to buyout fund Thoma Bravo Discover Fund IV; and $85 million was committed to Institutional Venture Partners XVII, a venture capital fund.
Maryland made four commitments in credit/debt: $150 million to Castlelake Aviation IV Stable Yield and $50 million to Castlelake Aviation IV Stable Yield Opportunities, which target opportunistic investments in leased aircraft at the beginning to middle of their operating lives; $100 million to CVI Credit Value Fund A V, a distressed/opportunistic debt fund managed by CarVal Investors; and $50 million to Shamrock Capital Content Fund II, a private credit fund managed by Shamrock Capital Advisors.
In absolute return, the pension fund invested $300 million with two global macro funds: $200 million to a fund managed by Kirkoswald Capital Partners and $100 million to a fund managed by Pharo Management.
Maryland also committed $200 million to Voya TALF Opportunity Fund, a fixed income strategy managed by Voya Alternative Asset Management, and $64 million to Lizard Investors to run an international small-cap public equity strategy.
As of June 30, the pension fund's asset allocation was 50.3% growth equity, 18.4% rate sensitive, 12% real assets, 9.5% credit/debt, 7.8% absolute return, 1.6% multiasset and the rest to cash.