The Maryland State Retirement and Pension System (MSRPS) provides retirement benefits to state employees, teachers, judges, law enforcement officers, and other public employees across Maryland. With approximately $65 billion in total assets, MSRPS is one of the 20 largest public pension systems in the United States.
Investment Strategy
MSRPS maintains a diversified investment portfolio across public equities, fixed income, private equity, real estate, private credit, hedge funds, and other alternatives. The Board of Trustees sets strategic allocation targets informed by asset-liability studies, and the investment team at the State Retirement Agency manages the portfolio.
The alternatives program is substantial and well-diversified. Private equity investments span buyout, growth, venture, and distressed strategies across U.S. and international markets. Real estate allocations include core, value-add, and opportunistic funds. Private credit provides current income and capital protection. Hedge fund allocations offer diversification and downside risk management.
MSRPS has been investing in alternatives for over two decades and has built a mature program with strong vintage year diversification. The fund balances its alternatives portfolio across strategies to manage risk and enhance return potential.
How to Approach
Fund managers should engage with the MSRPS investment team at the State Retirement Agency in Baltimore. The team maintains an active pipeline of manager evaluations and works with investment consultants. GPs should present a clear investment thesis, audited track record, and competitive terms. MSRPS values alignment of interests and transparent fee structures.
Frequently Asked Questions
What is MSRPS's alternatives allocation?
MSRPS allocates approximately 22% of its $65 billion portfolio to alternatives, including private equity, real estate, private credit, and hedge funds. This represents roughly $14 billion in alternatives exposure, making the system a major institutional allocator.
What private equity strategies does MSRPS invest in?
MSRPS invests across buyout, growth equity, venture capital, and distressed strategies. The fund also pursues co-investments and secondary market transactions. Commitment sizes typically range from $50 million to $250 million per fund depending on the strategy and fund size.
How can GPs approach MSRPS?
GPs should contact the MSRPS investment team at the State Retirement Agency in Baltimore. The fund has an internal alternatives team that evaluates managers and also works with external consultants. MSRPS attends major industry conferences and is open to direct outreach from managers.
