- Maryland backs large flagship funds from Bain, CVC
- Largest commitment to Asian fund-of-funds
- Maryland PE program valued at $5.6 bln
Maryland State Retirement and Pension System committed more than $2.3 billion to private equity this year, documents obtained by Buyouts via an open-records request show.
The $50.3 billion system distributed its commitments across 20 funds, including major flagship buyout vehicles raised by Bain Capital, Clayton Dubilier & Rice, CVC Capital Partners and New Mountain Capital Partners.
Maryland’s single largest commitment went to MD Asia III, an Asia-focused fund-of-funds managed by MD Asia Group. The retirement system allocated $250 million to Fund III in September (see chart).
Fund | Date of Funding | Strategy | Commitment Size (millions) |
Great Hill Partners VI | 1/31/2017 | Growth Equity | $100 |
HG 8 | 2/15/2017 | Upper Mid-Market Buyout | £100 |
Wind Point Partners VIII | 2/17/2017 | Mid-Market Buyout | $100 |
CD&R X | 2/24/2017 | Large Buyout | $100 |
Landmark Equity Partners XVI | 3/3/2017 | U.S. Secondary | $150 |
Landmark Equity Partners XVI Co-Investment Fund | 3/3/2017 | U.S. Secondary | $75 |
Vistria Fund II | 3/3/2017 | U.S. Lower Mid-Market Buyout | $75 |
TDR IV | 3/10/2017 | European Mid-Market Buyout | €71.47 |
Silver Lake Partners V | 4/6/2017 | Large Buyout – Tech | $95 |
Bain Life Sciences | 5/12/2017 | Growth Equity – Life Sciences | $72.5 |
LLR V | 5/15/2017 | Mid-Market Buyout | $150 |
CVC VIII | 5/26/2017 | Large Buyout | $135.6 |
Apollo IX | 6/1/2017 | Large Buyout | $270 |
New Mountain V | 6/29/2017 | Upper Mid-Market Buyout | $150 |
Bain XII | 8/1/2017 | Large Buyout | $200 |
Blue Wolf IV | 9/29/2017 | Small Buyout | $42 |
Institutional Venture Partners XVI | 9/21/2017 | U.S. – Late Stage Venture | $65 |
MD Asia III | 9/22/2017 | Asia – Fund-of-Funds | $250 |
Frontier Fund V | 10/20/2017 | Growth Equity | $75 |
Frazier Life Science IX | 10/31/2017 | Venture | $40 |
Source: Maryland State Retirement and Pension System |
Private equity was among the system’s top-performing individual asset classes over the year ended Sept. 30, netting a a 19.2 percent return. The portfolio was beating its State Street Private Equity Index benchmark in both short- and long-term time horizons, a report by consultant Meketa Investment Group shows.
The $5.6 billion private equity portfolio has netted a 7.7 percent return since inception.
Action Item: Maryland’s retirement system: www.sra.state.md.us
A boy plays with a hula hoop at the “Huddle Up on the Wood” event and Cease Fire Community Jubilee during the 72 hour community-led Baltimore Ceasefire against gun violence in Baltimore on Aug. 4, 2017. Photo courtesy Reuters/Sait Serkan Gurbuz