Maryland confirms $100m commitment

The US public pension has backed MSREI's latest flagship opportunistic fund.

Institution: Maryland State Retirement and Pension System
Headquarters: Baltimore, US
AUM: $62.55 billion
Allocation to alternatives: 25.8%

Maryland State Retirement and Pension System approved a $100 million commitment to North Haven Real Estate Fund X Global at its February 2021 investment committee meeting, a contact at the pension informed PERE.

Morgan Stanley Real Estate Investing‘s 10th global opportunistic vehicle began fundraising in July 2020 and had raised over $2 billion in equity from investors by January 2021, according to an SEC filing.

Maryland has a 10 percent target allocation to private real estate which stood at 7.4 percent as of 31 December 2020, the most recently available asset allocation data for the pension.

As illustrated below, the $62.44 billion Baltimore-headquartered public pension’s recent private real estate fund commitments have tended to focus on North American vehicles targeting value-add or opportunistic returns.

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