The Maryland State Retirement and Pension System (SRPS) has formed a partnership with global asset manager Barings to launch a new $250 million real assets program with a focus on the lower middle-market direct deals and emerging managers, according to an announcement from CIO Andrew Palmer. The collaboration includes a $50 million allocation dedicated exclusively to in-state investments and Maryland-based emerging managers.
Barings, a global asset management firm overseeing more than $442 billion in assets, brings decades of experience across public and private markets, including fixed income, real assets and capital solutions.
At the center of the partnership is the creation of the Terrapin Middle Market Infrastructure Fund, a closed-end, fund-of-one vehicle. The fund will focus on investments targeting lower middle-market and middle-market opportunities across sectors such as energy transition, digital infrastructure, transportation and the circular economy. While t
