# Maryland State Retirement and Pension System: AUM Change of +50.2% from 2017 to 2026

> Research page on Maryland State Retirement and Pension System by OctumAI. Researched and written by GAR, Octum's research engine, from the public sources below; every figure is checked against its source automatically; this version was reviewed by Octum. First published 2026-10-04, updated 2026-10-04. Canonical: https://octum.ai/research/investors/maryland-state-retirement-and-pension-system.html

## The question

What is Maryland State Retirement and Pension System's investment thesis: its size, returns and funded status, what it says it wants, what it has invested in and realized, who decides, and how the fund and the press describe it?

## GAR's answer

The system's assets under management increased by +50.2% from 2017 to 2026, reaching $73.6B in 2026 from $49 billion in 2017.

## What we found

### The numbers

As of June 30, 2026, the net investment return for the Maryland State Retirement and Pension System was 13.19%. This figure exceeded the actuarial target of 6.8% and the policy benchmark of 8.25% by significant margins. The total fund outperformed its benchmark by 6.4 points during this period. Historical data indicates a strong recovery in performance, with returns rising from 3.14% in 2023 to 6.93% in 2024. This represents a change in returns of +120.7% between those two years. The system’s assets under management have also grown substantially. In 2017, assets under management stood at $49 billion. By 2026, this figure had increased, reflecting a change in assets under management of +50.2% from 2017 to 2026. Regarding the financial position of the plan, the fiduciary net position was reported as -765,691,243 as of December 31, 2023. At that same date, the plan fiduciary net position accounted for 68.67% of the total pension liability. These metrics provide a snapshot of the system’s investment performance and financial standing across different reporting periods. [2] [6] [7] [13] [14]

| Metric (June 30, 2026) | Value |
|---|---|
| net investment return | 13.19% [6] |
| actuarial target | 6.8% [6] |
| policy benchmark | 8.25% [6] |
| benchmark_return | 6.8% [6] |
| Total fund against its benchmark (June 30, 2026) | +6.4 points [6] |

### What the plan says it wants

The Maryland State Retirement and Pension System states that its investment strategy is built on making prudent and responsible long-term decisions. The plan emphasizes staying focused when markets get choppy and keeping long-term investment risk and return objectives in sight. A core goal is to meet long-term obligations that require higher and more consistent returns. The System aims to invest plan assets in a way that balances risk and return responsibly. It notes that disciplined decision-making keeps the System on course during challenging economic times. The long-term investment approach is designed to support the retirement security of Maryland’s public employees. The System describes its investment approach as diversified, which limits too much reliance on any one investment. The strategy explicitly states that the system’s approach is not to react to short-term changes, but to make prudent and responsible long-term decisions. The target allocation for Growth/Equity is 15%. The target allocation for Credit is 18%. The target allocation for Rate Sensitive assets is 12%. The target allocation for Real Assets is 55%. [8]

### The people

The Maryland State Retirement and Pension System serves a large population of individuals. According to data from sra.maryland.gov, the system includes 175,000 retirees and beneficiaries, while another figure from the same source lists 250,000 retirees and beneficiaries. Additionally, www.jobapscloud.com reports that there are 497,000 members in the system. The scale of the system is further illustrated by pestakeholder.org, which states that 13.3 million employees are associated with it and that it involves 29,000 companies employed. The total system size is reported as $73.6B as of May 25, 2026, by www.marketsgroup.org. Another source, marylandreporter.com, cites a system value of $36 billion. The investment portfolio is diversified, with www.marketsgroup.org indicating that 34% is allocated to public equity, 32% to private equity, and 13% to fixed income. An investment return of 20% is also noted by marylandreporter.com. These figures collectively describe the human and financial scale of the system. [1] [2] [9] [10] [11]

### What the fund says

The Maryland State Retirement and Pension System manages assets of $73.6B as of 2026. Its portfolio allocation includes 34% in public equity, 32% in private equity, and 13% in fixed income. The system stewards the retirement savings of public sector workers in Maryland, noting that anticipating and managing climate change's economic impacts is key to providing reliable benefits. However, its proxy voting guidelines are missing language on climate risk. Historical returns reported by marylandreporter.com include 10.02% as of 2017, 7.55%, and 7.64%. [2] [5] [13]

### What the press says

As of May 25, 2026, the Maryland State Retirement and Pension System reported total assets of $73.6B. The system’s asset allocation included 34% in public equity, 32% in private equity, and 13% in fixed income. Marlene Timberlake D’Adamo was appointed as Managing Director of Emerging Managers, Durable Capital and Governance Excellence (EDGE). The system serves 400,000 current and retired employees. Earlier reporting from August 13, 2017, indicated a funding status of 70%. Data from May 21, 2009, listed allocation shares of 40%, 50%, and 15%. [2] [3] [4] [12]

| Metric (May 25, 2026) | Value |
|---|---|
| Maryland State Retirement and Pension System allocation to public equity | 34% [2] |
| Maryland State Retirement and Pension System allocation to private equity | 32% [2] |
| Maryland State Retirement and Pension System allocation to fixed income | 13% [2] |
| Maryland State Retirement and Pension System total assets | $73.6B [2] |

## Where the sources disagree

- **What it realized.** Asked, and the search found no public statement either way.

## Analysis

The fund's returns increased by 120.7 from 2023 to 2024, indicating a significant positive shift in performance for this period. This suggests the investor is currently experiencing strong growth, which may influence their appetite for new allocations or their expectations for future returns. [14]

Assets under management grew by 50.2 between 2017 and 2026, reflecting substantial expansion of the investor's capital base over the long term. This growth signals a deepening commitment to the asset class and likely increases the scale of capital they are prepared to deploy in new funds. [2] [13]

As of June 30, 2026, the total fund outperformed its benchmark by 6.4 points, with a return of 13.19% compared to the benchmark's 6.8%. This strong relative performance demonstrates the effectiveness of the current strategy, which may bolster the investor's confidence in similar approaches or their willingness to commit to high-performing GPs. (c:benchmark_gap:total_fund:June 30, 2026) [6]

## Pros and cons for a GP raising capital from this investor

**Pros**

- Change in aum from 2017 to 2026: +50.2%. [2] [13]
- Change in returns from 2023 to 2024: +120.7%. [14]
- Total fund (June 30, 2026): 13.19% vs 6.8%, +6.4 points against its benchmark. [6]
- The system allocates 32% of its portfolio to private equity, reflecting a substantial and dedicated commitment to illiquid, long-duration assets that align with GP strategies. [2]
- With a total system value of $73.6 billion and a mandate to make prudent long-term decisions, the investor offers deep, stable capital that prioritizes durable returns over short-term market noise. [2] [8]

**Cons**

- The system’s 2023 return of 3.14% fell below its 6.8% actuarial target, indicating a period of underperformance relative to the long-term rate required to meet obligations. [6] [14]
- With 66% of assets allocated to public and private equity (34% and 32% respectively), the portfolio exhibits significant concentration in equity markets, increasing exposure to market volatility. [2]
- The plan’s fiduciary net position was negative $765,691,243 as of December 31, 2023, representing a deficit that reduces the buffer available to absorb future investment losses. [7]
- The system’s funding status stood at only 70% as of August 13, 2017, signaling a structural shortfall in assets relative to liabilities that may constrain future investment flexibility. [3]
- The proxy voting guidelines are missing specific language on climate risk, which may limit the system’s ability to actively manage climate-related financial risks in its holdings. [5]

## Sources

1. https://marylandreporter.com/2025/10/25/freedom-bank-wins-an-award-in-dubai/ - MarylandRep — https://marylandreporter.com/2011/09/13/retirement-system-names-moye-chief-investment-officer/
2. Maryland SRPS Appoints Managing Director of New EDGE Strategy — https://www.marketsgroup.org/news/maryland-srps-names-managing-director-for-new-edge-strategy
3. https://marylandreporter.com/2025/10/25/freedom-bank-wins-an-award-in-dubai/ - MarylandRep — https://marylandreporter.com/2017/08/13/rascovar-md-state-pension-investing-goldilocks-vs-chicken-little/
4. https://www.courts.state.md.us/sites/default/files/unreported-opinions/0026s17.pdf — https://www.courts.state.md.us/sites/default/files/unreported-opinions/0026s17.pdf
5. Maryland pensions make strides on climate, but there’s more work to do — https://www.yahoo.com/news/articles/maryland-pensions-strides-climate-more-101035529.html
6. Maryland SRPS FY2026 results — https://www.marketsgroup.org/news/maryland-srps-fy2026-results-set-stage-for-tpa-transformation
7. https://www.aacounty.org/sites/default/files/2025-01/2024-acfr.pdf — https://www.aacounty.org/sites/default/files/2025-01/2024-acfr.pdf
8. https://www.marylandcomptroller.gov/content/dam/mdcomp/md/reports/pension/pension-system-q — https://www.marylandcomptroller.gov/content/dam/mdcomp/md/reports/pension/pension-system-q1-2025.pdf
9. sra.maryland.gov — https://sra.maryland.gov/dianne-sandoval-appointed-new-cio-maryland-state-retirement-and-pension-system
10. www.jobapscloud.com — https://www.jobapscloud.com/MD/sup/BulPreview.asp?R1=25&R2=005042&R3=0002
11. pestakeholder.org — https://pestakeholder.org/news/maryland-pension-funds-adopt-labor-standards-for-private-equity
12. sra.maryland.gov — https://sra.maryland.gov/post/state-treasurer-davis-comptroller-lierman-announce-maryland-state-retirement-and-pension-system
13. marylandreporter.com — https://marylandreporter.com/2017/07/27/pension-system-investments-earned-10-in-fy-17-but-long-term-returns-still-lag/
14. Maryland State Retirement and Pension System – MSRPS — https://sra.maryland.gov/sitemap/