- 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