MS
LP profile
Maryland State Retirement
Pension fund · Founded 1971 · Baltimore, United States
182
VC firms backed
$69B
AUM
~$1.4B
Allocated to VC (est. 2%)
01 · Background
Who Maryland State Retirement is.
- 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.
02 · Fund commitments
The funds Maryland State Retirement backs.
Maryland State Retirement is a limited partner in 182 funds. 14 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Lightspeed Venture Partners
#7 Power Law
Spark Capital
#51 Power Law
Notable Capital
#61 Power Law
Wellington Management
#80 Power Law
BlackRock
#83 Power Law
IVP
#84 Power Law
TPG
#158 Power Law
Silver Lake Partners
#180 Power Law
Bain Capital
#239 Power Law
Blackstone
#240 Power Law
KKR
#251 Power Law
Durable Capital Partners
#310 Power Law
CDH Investments
#320 Power Law
AEW Invest
AIF Capital
Alchemy Partners
Apax Partners
Astorg
Audax Private Equity
Baring Private Equity Asia
BC Partners
Black River Asset Management
Brevan Howard Asset Management
Bridgepoint
Carlyle Cardinal Ireland - CCI
Charterhouse Capital Partners
Chrys Capital
Coller Capital
Crescent Capital Partners
Everstone
Lombard Asia
MBK Partners
Navis Capital Partners
Northstar Group
Orchid Asia Group Management
Pacific Equity Partners
03 · Allocation
How Maryland State Retirement’s fund book is spread.
The 182 funds Maryland State Retirement backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 13373%
- Europe 3318%
- Rest of world 169%
United States 131 · United Kingdom 22 · Hong Kong 4 · Australia 3
How established those managers are
Managers grouped by how many funds they have raised — across the 129 of 182 with a fund history on record.
Emerging funds · 54
Established funds · 75
28
1
12
2
14
3
6
4
20
5-6
19
7-9
12
10-14
18
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to Maryland State Retirement by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
Fire and Police Pension Association of Colorado
$7.0B AUM
77 VC funds backed
🇺🇸
Colorado PERA
$60B AUM
90 VC funds backed
🇺🇸
Memorial Sloan-Kettering Cancer Center Pension Plan
$5.6B AUM
23 VC funds backed
🇺🇸
Teacher Retirement System of Texas
$198B AUM
41 VC funds backed
🇺🇸
U.F.C.W. Consolidated Pension Fund
$3.5B AUM
23 VC funds backed
🇺🇸
New York State Nurses Association Pension Plan
$2.0B AUM
64 VC funds backed
🇺🇸
Arizona State Retirement System
$50B AUM
69 VC funds backed
🇺🇸
Legacy Plan of the National Retirement Fund
$1.0B AUM
14 VC funds backed