# Montgomery County Employees' Retirement System

Montgomery County Employees' Retirement System is a Pension Fund based in Rockville, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Rockville, United States
- **Region:** North America
- **Address:** 101 Monroe Street 6th Floor, Rockville, MD, United States
- **Founded:** 1965
- **Assets under management:** 4.9B (Altss estimate)
- **Website:** www.montgomerycountymd.gov

## Regulatory record

- **CRD number:** 105417
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-02-20T06:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/105417

## About

The Montgomery County Employees' Retirement System was established in 1965 to deliver retirement benefits to full-time county employees and participating agencies. Jeffrey Buddle serves as chair of the board of investment trustees, with Linda Herman as vice chair until her retirement in 2022. The plan deploys capital across private equity, real estate, and natural resources. Holdings include commitments to Carlyle Group, Hellman & Friedman, Thoma Bravo, and Clearlake Capital Group. Real estate positions cover funds from Principal Real Estate Investors, Carmel Partners, Hampshire Companies, and Federal Capital Partners. Geographic exposure centers on the United States with additional infrastructure, timber, and agriculture assets held globally. Assets total $4.9 billion. The system retains NEPC and Albourne as investment advisors, Northern Trust as custodian, and Gabriel Roeder Smith as actuary. Memberships include the Principles for Responsible Investment since 2019, the Council of Institutional Investors, and the National Council of Public Employee Retirement Systems. The board structure ties investment oversight directly to county finance and budget officials, creating a governance link between plan administration and local government operations.

## Sectors

- Diversified

## People

- Jeffrey Buddle — Chair of the Board of Investment Trustees
- Linda Herman — Vice Chair
- Craig Howard — Secretary of the Board
- Michael Coveyou — Trustee
- Jennifer Bryant — Trustee

## Questions

### Who runs investment decisions at Montgomery County Employees' Retirement System?

Jeffrey Buddle chairs the board of investment trustees. Additional trustees include Michael Coveyou and Jennifer Bryant, both county officials.

### Does Montgomery County Employees' Retirement System participate in fund commitments or only direct deals?

The system makes fund commitments to private equity and real estate managers. Confirmed positions include limited partner interests in Carlyle Group, Hellman & Friedman, and Thoma Bravo.

### What asset classes does Montgomery County Employees' Retirement System allocate to?

Allocations include private equity at 18.9 percent, real estate funds, and a private real assets portfolio valued at $526 million that covers infrastructure, timber, and agriculture.

### How is Montgomery County Employees' Retirement System related to external managers?

The system engages external firms including BlackRock, Wellington Management, T. Rowe Price, and NISA Investment Advisors for public equity and fixed income mandates.

## Related profiles

- [Citadele Bank](https://altss.com/profile/citadele-bank)
- [Tikehau Capital](https://altss.com/profile/tikehau-capital)

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

Canonical page: https://altss.com/profile/montgomery-county-maryland

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