LP profile · Pension fund
Maryland State Retirement
Maryland State Retirement is a pension fund headquartered in United States (North America). Ranked #167 in the 2026 Dealroom Power Law LP Ranking by realised power-law score across its venture commitments.
Historical Background
- The origins of Maryland's public pension system date back to 1927 with the establishment of the Teachers' Retirement System.
- The Employees' Retirement System was subsequently formed in 1941, followed by the State Police Retirement System in 1949.
- These separate entities were later consolidated to form the modern Maryland State Retirement and Pension System, which now administers benefits for a wide range of public sector employees.
Source of Capital
- The system is funded by contributions from more than 145,000 active members and over 150 participating state and local government employers.
- Investment earnings from the system's portfolio constitute the other primary source of capital used to fund retirement, disability, and survivor benefits.
Major Events
- In 2024, the system established a Climate Advisory Panel, composed of external experts, to review its charter and guide its investment strategy concerning climate-related risks and opportunities.
Allocation Strategy
- The system allocates capital across a diversified portfolio that includes public equity, private equity, rate sensitive assets, real assets, and credit.
- As of the fourth quarter of 2023, the target asset allocation was 28.5% in public equity, 18.5% in private equity, 16.5% in rate sensitive assets, 14.5% in real assets, 10.5% in credit, and smaller allocations to other categories.
- The investment strategy aims to meet a long-term actuarial return target, which was set at 6.80% for fiscal year 2023.
Sources
- https://sra.maryland.gov/
- https://msa.maryland.gov/msa/mdmanual/25ind/html/63retirh.html
- https://www.nasra.org/files/State-Specific/Maryland/MarylandSRPShistory.pdf
- https://sra.maryland.gov/sites/main/files/file-attachments/2024q4_performance_report_md_redacted.pdf?1743005693
- https://sra.maryland.gov/post/maryland-state-retirement-and-pension-system-convenes-inaugural-meeting-climate-advisory-panel
- https://sra.maryland.gov/sites/main/files/file-attachments/3-investment.pdf?1705429510