The Maryland State Retirement Agency is the administrator of the Maryland State Retirement and Pension System (“System”). The System is a defined benefit retirement system covering governmental employees within the State of Maryland. It’s composed of twelve (12) separate retirement and pension systems with over 50 different rule sets. The System has over 430,000 participants (customers), including 192,000 members who are actively employed and participating in the System, 165,000 payees who receive a monthly payment from the System, and 40,000 vested members who are no longer actively employed but have earned a benefit that will become payable at a future date.
Located in Baltimore’s Central Business District, SRPS offers a purpose-driven workplace with modern amenities, including panoramic city and harbor views, renovated common areas, upgraded elevators, and an on-site café.
Employees enjoy comprehensive state benefits including medical, dental, prescription coverage, generous paid leave, participation in the state pension system, and supplemental retirement savings options (401(k), 457(b), and more). Additional perks include an on-site fitness center with showers and lockers, 24/7 building security, and easy access to restaurants, shops, public transit, and major highways.
Investment Sourcing, Due Diligence & Monitoring
- Lead all phases of the investment process for emerging private market managers, including sourcing, evaluation, due diligence, recommendation, execution, and ongoing monitoring.
- Actively sources investment ideas and makes recommendations.
- Make recommendations to hire and fire investment managers.
- Evaluate investment opportunities across private equity, private credit, real estate, and infrastructure.
- Source, evaluate, and recommend direct co-investment opportunities alongside existing and prospective investment partners.
- Perform detailed financial and operational due diligence on investment managers and underlying portfolio companies across multiple industries, sectors, and geographies.
- Prepare comprehensive investment recommendations and present to investment staff and CIO.
- Responsible for achieving excess return over an approved weighted benchmark.
- Determines whether prospective managers exhibit appropriate style & characteristics vs. existing exposures.
- Uses data based, quantitative analysis to support investment ideas and recommendations
- Sets return and risk objectives for each manager and monitors performance to those targets.
- Conducts detailed performance attribution to explain the sources of risk and return
- Works collaboratively with Risk function to map EDGE private market exposures to common risk factor exposures, and to establish pacing of investments for total fund liquidity management.
Portfolio Management
- Construct and manage a diversified emerging manager portfolio using a total portfolio perspective.
- Develop portfolio allocation recommendations and monitor exposures to ensure appropriate diversification and risk management.
- Directly responsible for recommending allocations on both the manager level and sub-asset class level based on perceived opportunities and existing exposures.
- Manage portfolio pacing, commitment schedules, and capital deployment consistent with long-term strategic objectives.
- Continuously monitor investment performance and identify opportunities to optimize portfolio construction.
- Collaborate with the Risk Management team to map risks to a common set of risk factors for a true competition of capital.
- Assess material risks stemming from climate change, mismanagement of human capital, noncompliance with labor laws, and /or lack of string governance policies and procedures.
Relationship Management
- Serve as the primary relationship manager for multiple private market general partners and strategic program partners.
- Build and maintain an extensive network of investment managers, intermediaries, consultants, and industry participants to identify differentiated investment opportunities.
- Conduct ongoing manager reviews, portfolio discussions, operational assessments, and performance evaluations.
- Participate in meetings with prospective investment managers and conduct comprehensive due diligence on new opportunities.
- Lead negotiations of partnership agreements, side letters, fee structures, and other investment documentation in collaboration with legal counsel and internal stakeholders.
Collaboration & Leadership
- Partner closely with investment professionals to identify opportunities that strengthen the overall portfolio.
- Contribute to the continued growth, innovation, and strategic direction of the Terra Maria emerging manager program.
- Mentor and support junior investment professionals through coaching, knowledge sharing, and professional development.
- Foster an inclusive, collaborative team environment in which colleagues with different backgrounds, perspectives, and levels of experience can contribute, receive constructive feedback, and develop professionally.
- Actively monitors the global economic factors that drive performance in the assigned asset classes.
- Perform strategic analyses and special projects supporting the Investment Division’s broader objectives.
- Participate in and/or attend conferences and emerging manager events.
Governance and Compliance
- Ensure Compliance with the governance and compliance structure as well as all system policies and procedures.
- At all times, act as a fiduciary for the system which includes assessing material risks stemming from climate change, mismanagement of human capital, noncompliance with labor laws, and /or lack of string governance policies and procedures.
