Updated:
Maryland State Retirement & Pension System (MSRPS)
Maryland State Retirement & Pension System manages ~$69B for Maryland public employees. Profile: CIO Dianne Sandoval, strategy, holdings, and governance.
Maryland State Retirement & Pension System (MSRPS)
Maryland State Retirement & Pension System (MSRPS) was established by Maryland state law to administer defined-benefit pensions for state and local government employees, teachers, police, firefighters, and judges. The fund operates under a Board of Trustees chaired by State Treasurer Dereck E. Davis, with Comptroller Brooke Lierman as Vice-Chair, and day-to-day management by the State Retirement Agency led by Acting Executive Director Jonathan Martin. The investment portfolio targets a diversified mix across asset classes, with a significant allocation to private markets. Confirmed holdings include buyout funds, infrastructure vehicles such as Stonepeak Core Fund and EQT Infrastructure VI, real estate funds like MetLife Core Property Fund and Heitman Value Partners VI, and emerging markets debt through dedicated mandates. The fund also maintains exposure to natural resources and infrastructure via Brookfield Global Infrastructure Fund, and holds indirect crypto exposure. Geographic focus spans the US, Europe, and global markets (per fund documents and public filings). Andrew C. Palmer retired as CIO in June 2025 after a decade-long tenure, leaving the fund with approximately $69B in assets (Altss estimate). The investment team supports a portfolio of roughly 60-80 external managers and co-investments. MSRPS is a signatory to the Principles for Responsible Investment and the ILPA Diversity in Action framework. Palmer also served on the Board of Directors of the Managed Funds Association. MSRPS operates as a defined-benefit public pension system, distinct from sovereign wealth funds or endowments in its liability-driven mandate. Its governance structure — with the state treasurer and comptroller holding board leadership — ensures political oversight over investment decisions. The fund's participation in industry associations like the Council of Institutional Investors and AIF Global reflects its active engagement in corporate governance and alternative investment best practices.
General information
Firm type
Pension Fund
Year founded
—
AUM
$50B - $100B (Altss estimate)
Location
Region
North America
Country
United States
City
Baltimore
Corporate office
Baltimore, MD, United States
Principals
Dianne Sandoval
Chief Investment Officer
Andrew C. Palmer
Former Chief Investment Officer
Dereck E. Davis
Board Chair, Maryland State Treasurer
Brooke Lierman
Board Vice-Chair, Maryland State Comptroller
Jonathan Martin
Acting Executive Director
Sector focus
Frequently asked questions
Who runs investment decisions at MSRPS?
Dianne Sandoval, appointed CIO in January 2026, oversees the investment portfolio. She reports to a Board of Trustees chaired by State Treasurer Dereck E. Davis. Jonathan Martin serves as Acting Executive Director of the State Retirement Agency, which handles day-to-day operations.
What is MSRPS's investment strategy and asset allocation?
MSRPS targets a diversified portfolio across public equities, fixed income, private equity (buyout funds), private credit, real estate, infrastructure, natural resources, and emerging markets debt. The fund allocates roughly 15% of assets to alternatives, including co-investments and opportunistic vehicles.
How does MSRPS source and select external managers?
The fund conducts competitive searches through formal RFPs and utilizes consultant relationships, including incumbent managers across asset classes. The investment team evaluates managers based on track record, strategy fit, and alignment with fiduciary standards.
Does MSRPS invest directly or through fund commitments?
MSRPS primarily invests through external fund commitments, including buyout, infrastructure, real estate, and private credit vehicles. It also selectively makes co-investments alongside general partners.
What is the fund's relationship with ESG and responsible investing?
MSRPS is a signatory to the Principles for Responsible Investment (PRI), focusing on ESG and climate risk considerations within its portfolio. It also participates in the ILPA Diversity in Action framework and the Council of Institutional Investors' corporate governance initiatives.
How is MSRPS governed and overseen?
The fund is governed by a Board of Trustees with 15 members, including the State Treasurer as Chair, the Comptroller as Vice-Chair, and representatives from employee groups, retirees, and gubernatorial appointees. The State Retirement Agency manages daily operations under legislative oversight.
What recent leadership changes have occurred at MSRPS?
Dianne Sandoval became CIO in January 2026, succeeding Andrew C. Palmer, who retired in June 2025 after serving as CIO since 2015. Jonathan Martin is Acting Executive Director following the departure of the prior executive director.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on pension funds?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: