Maryland State Retirement backs JPMorgan’s Sunbelt residential fund

The $83 billion Maryland State Retirement and Pension System (MSRA) has committed $100 million to JPMorgan Sunbelt Residential Development Fund.

JPMorgan opened the residential fund with a $700 million fundraising target in September 2020. The Sunbelt encompasses states in the U.S. South and West including Florida, Texas and Nevada. The vehicle aimed to develop single-family and multifamily rental homes in cities such as Atlanta; Austin; Charlotte, N.C.; Houston; and Raleigh, N.C.

At the time of launch, JPMorgan was seeking investors that were potentially over-allocated to key gateway cities such as New York City and San Francisco, as well as property types including office and retail.

This was a first-time commitment to this strategy, a spokesperson for MSRA confirmed in an email.

“We are invested in the Strategic Property Fund, which was valued at $875 million as of Dec. 31,” said Michael Golden, director of external affairs, in an email.

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