# Maryland State Retirement and Pension System

Maryland State Retirement and Pension System is a Pension Fund based in Baltimore, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Baltimore, United States
- **Region:** North America
- **Address:** 120 East Baltimore Street, Baltimore, MD 21202, United States
- **Assets under management:** 70.3B (Altss estimate)
- **Website:** sra.maryland.gov
- **LinkedIn:** https://www.linkedin.com/company/maryland-state-retirement-and-pension-system

## Regulatory record

- **Reports private funds:** No

## About

Maryland State Retirement and Pension System (SRPS) administers death, disability, and retirement benefits. It serves over 350,000 members. Members include active and former State employees, teachers, police, judges, and legislators.

## Sectors

- Real Estate
- Infrastructure
- Private Equity
- Public Equity

## People

- Dereck E. Davis — Chair of the Board of Trustees
- Brooke Lierman — Vice-Chair of the Board of Trustees
- Andrew Palmer — Chief Investment Officer
- Martin Noven — Executive Director of the State Retirement Agency

## Questions

### Who runs investment decisions at Maryland State Retirement and Pension System?

Andrew Palmer serves as Chief Investment Officer and is scheduled to retire in June 2025. Martin Noven acts as Executive Director of the State Retirement Agency. The Board of Trustees, chaired by State Treasurer Dereck E. Davis, holds final fiduciary responsibility.

### Does Maryland State Retirement and Pension System participate in fund commitments or only direct deals?

The system makes commitments to commingled funds and co-investments. Confirmed holdings include Global Infrastructure Partners Fund V, DigitalBridge Partners III, Hellman & Friedman Capital Partners X and TA XIV.

### What asset classes does Maryland State Retirement and Pension System allocate to?

Allocations cover public equities, core and value-add real estate, infrastructure, private equity, life sciences and royalties. Public positions include NVIDIA, Apple and Microsoft. Real estate holdings include Clarion Lion Industrial Trust and AEW Core Property Trust.

### Where does Maryland State Retirement and Pension System invest geographically?

The portfolio includes U.S. real estate, North American infrastructure and global private equity and infrastructure funds. Public equity holdings are primarily U.S. listed companies with some international exposure such as Enbridge.

### How is Maryland State Retirement and Pension System governed?

A Board of Trustees that includes the State Treasurer and Comptroller sets policy. The State Retirement Agency, led by Martin Noven, handles operations. The plan is subject to state statute, actuarial review and public disclosure requirements.

### Which professional networks does Maryland State Retirement and Pension System belong to?

The system is a member of the Institutional Limited Partners Association, Council of Institutional Investors, National Association of State Retirement Administrators and Private Equity Women Investor Network.

### Who provides consulting and custody services to Maryland State Retirement and Pension System?

State Street Bank and Trust Company serves as custodian. Meketa Investment Group acts as general investment consultant and Aksia LLC as alternative investment consultant. Gabriel, Roeder, Smith & Company provides actuarial services.

## Related profiles

- [Alan Biller & Associates](https://altss.com/profile/alan-biller-associates)
- [New Jersey Division of Investment (NJDOI)](https://altss.com/profile/new-jersey-division-of-investment-njdoi)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/maryland-state-retirement-and-pension-system

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