Maryland State Retirement and Pension System
State retirement system, based in Baltimore, Maryland, reporting $69B in assets.
Composed from this allocator's classification, location and filed figures.
What matters now
- 1 searchopen now
1 open manager search: Global Custody Services search.
opened 18 Aug 2026 · A mandate the plan is hiring for now; a manager can still respond.
Factthe plan's own search notices and minutesFor managers in the searched asset class, consultantsOpen searches → - Consultantchanged
Maryland State Retirement and Pension System (MSRPS) selects Funston Advisory Services as general consultant
18 Aug 2026 · A new consultant reviews the manager line-up and brings its own shortlist.
- 40%private markets target
Changed its allocation policy last month.
A new target moves money between asset classes before any manager is hired.
10 more people, 5 more advisers and 1 more dated event
Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
People to know
View all people- Acting Chief Investment OfficerWhy: Chief investment officer: owns the allocation decisionNo route on file yet
Capital path
who backs this record, through what, into what; each name opens its own path- Robert M. BurdActing Chief Investment Officer
- Dereck E. DavisChair
- Mia N. PittmanChair, Audit Committee
Relationship network
24 connected entities
From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.
- Service provider
- Organization
- Person
›How strength and recency are read
Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Size, funding, policy and commitments, with their basesState retirement systemShowHide
Allocation policy
| Asset class (as printed) | Bucket | Target | Range | Actual | Gap | Basis |
|---|---|---|---|---|---|---|
| Cash/Cash Equivalents | Cash | 0.0% | reported sra.maryland.gov | |||
| Inflation-Linked Bonds | Fixed income | 4.0% | reported sra.maryland.gov | |||
| Long-term Government Bonds | Fixed income | 10.0% | reported sra.maryland.gov | |||
| Securitized/Corporate Bonds | Fixed income | 6.0% | reported sra.maryland.gov | |||
| Absolute Return | Hedge / diversifiers | 6.0% | 2% to 10% | reported sra.maryland.gov | ||
| Natural Resources/Infrastructure | Infrastructure | 5.0% | reported sra.maryland.gov | |||
| Multi Assets | Multi-asset | 0.0% | reported sra.maryland.gov | |||
| International Emerging | Other | 6.0% | reported sra.maryland.gov | |||
| Emerging Market Debt | Private credit | 1.0% | reported sra.maryland.gov | |||
| High Yield Bonds/Bank Loans | Private credit | 8.0% | reported sra.maryland.gov | |||
| Private Equity | Private equity | 16.0% | reported sra.maryland.gov | |||
| International Developed Equity | Public equity | 11.0% | reported sra.maryland.gov | |||
| U.S Equity | Public equity | 17.0% | reported sra.maryland.gov | |||
| Real Estate | Real estate | 10.0% | reported sra.maryland.gov |
Consultants and advisers
- Funston Advisory Services, LLC General consultantthrough Aug 18, 2026 Board minutes
- Meketa Investment Group Inc. General consultantthrough Mar 17, 2026 Board minutes
- The Townsend Group Real estate consultantthrough Jun 30, 2025 ACFR
+5 more consultants and advisers advise this allocator
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Decision makers
- Robert M. Burd · Acting Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
Who else at this allocator · 2 people, grouped by function
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
People
- Dereck E. Davis ChairBoard chair
- Mia N. Pittman Chair, Audit CommitteeCommittee chair
+10 more people on the investment staff and board
Every name, title and published role at this allocator, with the page it was read from.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Manager roster
What changed
- Aug 18, 2026Policy updatedMaryland State Retirement and Pension System (MSRPS) adopts a policy change: Investment Policy Manual
- Aug 18, 2026Search openedMaryland State Retirement and Pension System (MSRPS) opens a Global Custody Services search
- Aug 18, 2026Consultant changedMaryland State Retirement and Pension System (MSRPS) selects Funston Advisory Services as general consultantwith Funston Advisory Services, LLCsra.maryland.gov
- Jun 23, 2026Policy updatedMaryland State Retirement and Pension System (MSRPS) adopts a policy change: asset class roles and ranges
- Mar 17, 2026Policy updatedMaryland State Retirement and Pension System (MSRPS) adopts a policy change (see the minutes)
+1 more dated event
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Commitments
Size and funding
Provenance
Provenance
Not yet on record: funded ratio, fund commitments.
Record history
- Policy updated2026-08-18source on record
- Search opened2026-08-18source on record
- Consultant changed2026-08-18source on record
+5 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.
›Connections
every published relationship on the graph
+13 connections on the graph
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.