Maryland State Retirement approves $150m commitment

The US public pension has backed CarVal Investors' latest distressed debt fund.

Institution: Maryland State Retirement and Pension System
Headquarters: Baltimore, United States
AUM: $54.21bn
Allocation to alternatives: 36.30%
Bitesize: $50-100m

Maryland State Retirement and Pension System agreed to commit $150 million to CVI Chesapeake Credit Opportunities in Q3 2019, according to the pension’s quarterly investment committee materials. This was the pension’s only private debt commitment in the quarter.

As illustrated below, Maryland State Retirement tends to direct its private debt commitments to distressed funds. Of the pension’s last five commitments, two apiece have been made to funds managed by CarVal Investors and Lone Star Funds, with Castlelake also receiving a commitment from the pension.

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