The $32 billion
The limited partner will choose one or more firms, with a likely start date of May 1, 2010. Responses are due Dec. 22.
Duties will include helping the pension fund develop goals and strategies for the private equity program; sourcing deals with the pension fund’s staff; performing due diligence; and monitoring the portfolio, which totals $3.9 billion committed to 85 partnerships, of which $1.3 billion has been drawn down and $2.6 billion has not yet been called.
The pension fund is buyouts-heavy, with more than $1.8 billion pledged to the strategy; about $1 billion is committed to special situations.
Recent pledges by Maryland include $100 million to
The pension fund has plenty more to spend on private equity since its actual allocation to the asset class stood at only 3.4 percent as of Sept. 30, well below a 2010 target of 12 percent. In 2008, the state raised its target allocation to private equity to 15 percent from 5 percent.