# Maryland State Retirement & Pension System (MSRPS)

Maryland State Retirement & Pension System (MSRPS) is a Pension Fund based in Baltimore, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Baltimore, United States
- **Region:** North America
- **Address:** Baltimore, United States
- **Founded:** 1982
- **Assets under management:** 69B (Altss estimate)
- **Website:** https://sra.maryland.gov
- **LinkedIn:** https://www.linkedin.com/company/maryland-state-retirement-and-pension-system

## Regulatory record

- **Reports private funds:** No

## About

The Maryland State Retirement & Pension System operates as a public defined-benefit plan serving state employees. Dianne Sandoval took the CIO role in January 2026 after prior positions at HESTA and PIF. Andrew C. Palmer retired from the same post in June 2025 following a decade in the position. Allocations span real estate, infrastructure, and natural resources. Confirmed holdings include MetLife Core Property Fund, Heitman Value Partners VI, Caro Real Estate Credit Fund, FPA Multifamily Fund, Stonepeak Core Fund, DigitalBridge Partners III, EQT Infrastructure VI, and Brookfield Global Infrastructure Fund. The system also maintains indirect crypto exposure. Geographic reach covers the United States and Europe through these vehicles. Commitments occur via external managers rather than direct co-investments. The board is chaired by State Treasurer Dereck E. Davis with Comptroller Brooke Lierman as vice-chair. Jonathan Martin serves as Acting Executive Director. The system participates in ILPA, CII, PRI, and MFA. No additional offices are disclosed. Governance rests with elected state officials who set policy for the retirement agency. This structure separates investment execution from political oversight while tying capital deployment to statutory mandates.

## Sectors

- Infrastructure
- Real Estate

## People

- Dianne Sandoval — Chief Investment Officer
- Andrew C. Palmer — Former Chief Investment Officer
- Dereck E. Davis — Board Chair
- Brooke Lierman — Board Vice-Chair
- Jonathan Martin — Acting Executive Director

## Questions

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

Dianne Sandoval serves as Chief Investment Officer. The board, chaired by State Treasurer Dereck E. Davis, sets overall policy.

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

The system commits to external funds. Holdings include Stonepeak Core Fund and EQT Infrastructure VI.

### What asset classes does Maryland State Retirement & Pension System target?

Allocations include real estate, infrastructure, natural resources, and emerging markets debt. Indirect crypto exposure is also maintained.

### How is Maryland State Retirement & Pension System related to state government?

The board includes the State Treasurer and Comptroller. Day-to-day operations fall under the State Retirement Agency led by the Acting Executive Director.

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

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

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