Investors - FEBRUARY 19, 2021

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Maryland State Retirement backs opportunistic Morgan Stanley fund

by Kali Persall

The $62.5 billion Maryland State Retirement and Pension System has committed $100 million to North Haven Real Estate Fund X Global, an opportunistic fund managed by Morgan Stanley.

North Haven Real Estate Fund X Global opened to investors in July 2020 and has raised more than $2 billion, according to a Form D filed with the SEC on Jan. 14. A fundraising target was not disclosed. The closed-end investment vehicle invests in debt secured by properties globally.

This is Maryland’s first commitment with this fund series, Michael Golden, the director of external affairs at Maryland, confirmed in an email. He noted the pension fund does, however, have $929 million in NAV with Morgan Stanley’s core fund.

Maryland has a 10 percent target allocation to real estate. As of Dec. 31, 2020, the actual allocation was 7.4 percent, or $4.6 billion.

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