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Maryland keeps steady commitment pace

Maryland State Retirement and Pension System has been committing to private equity at a steady clip this year.

The pension system most recently committed $40 million to New MainStream Capital’s second fund, which is targeting $250 million, and $100 million to New Mountain Partners IV, which has been targeting $3 billion.

Those two commitments were made in August, according to a commitment summary provided to peHUB by the pension system. Prior to that, the system committed $30 million to Blue Wolf Capital III, $50 million to MBK Partners III and $100 million to Riverside Capital Appreciation Fund VI. Blue Wolf closed its third fund in July on $300 million. MBK is reportedly targeting $2.6 billion for Fund III. And Riverside VI has been targeting $1.2 billion.

Earlier this year, Maryland committed €50 million to Triton’s fourth fund, which closed on €3.3 billion, £45 million to HgCapital 7, which closed on £2 billion, $50 million to CDH Fund V, targeting $2 billion and $25 million to ICV Partners III.

The market value of Maryland’s private equity portfolio was $2.5 billion as of June 30, 2013, representing a 6.2 percent actual allocation against a target of 10 percent, according to Maryland’s quarterly investment report published in June. The total fund was valued just over $40 billion.

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