Maryland commits $575m to private debt

Name: Maryland State Retirement and Pension System
Headquarters: Baltimore, US
AUM: $65.21 billion
Allocation to private debt: 8.7%

Maryland State Retirement and Pension System (MSRPS) announced multiple private debt commitments amounting to $575 million during its 19 September investment committee meeting.

The Baltimore-based public pension made the following commitments to private debt funds:

• $150 million to Gramercy Capital Solutions III
• $150 million to Castlelake Aviation V – Stable Yield (Leasing)
• $100 million to Highbridge Strategic Credit Fund II
• $100 million to Waterfall Silver Spring Fund
• $75 million to Hayfin HOF Co-Invest I

The pension’s latest hires are debt funds with senior, mezzanine, leasing and distressed strategies, aligning with its aim to diversify its strategic allocation in 2023. Additionally, MSRPS is also in line to meet its annual debt commitment cap of $1.5 billion.

Maryland State Retirement and Pension System is slightly overallocated to private debt, with an 8.7 percent exposure against an 8 percent target.

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