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Maryland taps Bain Capital, Vista funds for commitments

  • Maryland State Retirement and Pension System manages $44 billion
  • LP commits $500 million to private equity funds thus far in 2014
  • Bain Capital, Vista Equity funds draw $150 million each

The pension system committed $150 million to Bain Capital XI, the latest flagship fund from the Boston-based shop, on April 4, according to a spokesman for the Maryland State Retirement Board. Bain Capital reached a final close of $7.3 billion for Fund V, ahead of its $6 billion target, according to an April 17 report by sister wire service Reuters.

Maryland committed $150 million to Vista Equity Partners V in March, right around the same time the Los Angeles City Employees’ Retirement System moved to commit $40 million to the same fund. Vista Equity is targeting $3.5 billion for its fifth flagship fund, according to an investment memo to LACERS. Vista Equity may close on as much as $5 billion for Fund V, according to a published report.

Maryland also committed $75 million to Littlejohn Fund V, the latest restructuring and turnaround pool from Littlejohn & Company. That fund had raised $1.6 billion, ahead of its $1.5 billion target, in May, according to a report by sister website peHUB.

Clayton Dubilier & Rice Fund IX drew a $75 million commitment from Maryland in March as a second investment in a largest buyout specialist in 2014, along with Bain Capital. The flagship fund raised $6.25 billion, ahead of its $6 billion target, according to a February report by Reuters.

The pension system’s smallest commitment so far this year went to Riverside Company’s Riverside Asia-Pacific Fund II which drew $50 million. Riverside announced the closing of that fund on May 14 with $235 million in commitments, ahead of its $150 million target.