Institution: Maryland State Retirement and Pension System
Headquarters: Baltimore, United States
AUM: $56.99 billion
Allocation to alternatives: 26.9%
Maryland State Retirement and Pension System approved $675 million-worth of commitments to private debt vehicles at its November 2020 investment committee meeting, a contact at the pension informed Private Debt Investor.
The commitments comprised $150 million to Taurus Mining Finance II; $100 million each to Silver Lake Alpine II, Highbridge Convertible Dislocation Fund, CVI Chesapeake Credit Opportunities and LCM Credit Opportunities 4; $75 million to HCR Potomac Fund; and $50 million to Shamrock CCF Co-Invest I.
Maryland had previously committed to two of the vehicles in the last 15 months: $150 million apiece to HCR Potomac Fund in January and CVI’s Chesapeake fund in September 2019.
The $56.99 billion US public pension allocates 9.7 percent of its portfolio to credit/debt strategies, with private debt being housed within this asset class.
As illustrated below, Maryland’s recent private debt commitments have targeted a variety of vehicles, from acquiring distressed debt to providing subordinated lending.
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