Maryland backs two Leonard Green funds

Maryland State Retirement and Pension System committed $225 million to private equity funds in September, according to portfolio review documents from its Nov. 19 investment committee meeting.

The system invested $100 million in Leonard Green & Partners’ Green Equity Investors VIII and $50 million to its small-cap fund, Jade Equity Investors, meeting documents show.

Green Equity VIII focuses on the retail, healthcare/wellness and consumer and business services industries in North America. It’s targeting $10 billion, Buyouts previously reported. The pool invests between $400 million and $1 billion into companies.

Leonard Green plans to make 15 to 20 investments through its eighth fund.

Jade Equity Investors, targeting $2 billion, invests between $50 million to $250 million to companies in the same sectors as Green Equity VIII. The company plans to make 12 to 18 commitments through Jade Equity Investors.

Other pensions, such as Washington State Investment Board and Teachers’ Retirement System of Louisiana, invested in Jade Equity Investors this year.

Maryland also committed $75 million to Vistria Group’s Fund III, targeting $800 million on a $1 billion hard cap. Vistria’s third fund focuses on the healthcare, financial services and educational industries in North America.

Connecticut Office of the State Treasurer committed up to $75 million to Vistria Fund III in August.

Across 212 funds in the U.S., Europe and Asia, Maryland has committed $14.8 billion to private equity, as of June 30, investment committee documents show.