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Maryland State Retirement and Pension System approves $75m commitment

The US public pension has backed a North America-focused value-add fund.

Institution: Maryland State Retirement and Pension System
Headquarters: Baltimore, United States
AUM: $50.0bn
Allocation to alternatives: 35.0%

Maryland State Retirement and Pension System has agreed to commit $75 million to Carmel Partners Investment Fund VII, detailed in investment documents provided by the pension to PERE. The fund is targeting value-add real estate investments in North America with a particular focus on multi family / residential property.

The $50.0 billion US public pension has a 10.0 percent target allocation to real estate which currently stands at 9.6 percent.

As illustrated in the charts below, this is the second real estate fund that Maryland State Retirement and Pension System has committed to with a 2018 vintage. The other fund, Tristan Capital Partners’ European Property Investors Special Opportunities 5, is a diversified, multi-regional opportunistic real estate fund.

Platinum subscribers may click here for the pension’s full profile, including key contacts, allocation strategy and fund investments.