The Terra Maria Emerging Manager Program* (the “Program”) is a vital component of the Maryland State Retirement and Pension System (“SRPS” or the “System”). In 2024, the Board adopted an Emerging Manager Policy as part of the Investment Policy Manual and approved an initiative to expand and strengthen the Program by dedicating additional resources and support.
The objective of the Program is to enhance the risk and return profile of the System by identifying investment managers that exhibit skill and improve outcomes. Emerging managers are often overlooked when competing for assignments from large investors using more traditional search processes. By partnering with uniquely talented emerging managers, the Program seeks to add attractive risk-adjusted returns to the overall pension fund. Additionally, the Program strives to identify the next generation of managers and partners with them in support of their growth trajectory and development.
Since its first allocation in 2007, the Program has grown substantially to $5.8 billion representing 7.6% of the total plan assets as of March 2026. After initially focusing on public market bond and stock managers, the Program began investing in private market emerging managers in 2011. To better align with the System’s strategic asset allocation, the Program underwent a significant restructuring in 2016-2017 to focus managers on the specific public sub-asset classes.
Today, the Terra Maria Emerging Manager Program includes all asset classes across the System’s portfolio and represents a significant portion of total plan assets. The below pie chart illustrates the System’s allocation to the Terra Maria Program by asset class:
Our process for implementing the Terra Maria Emerging Manger Program begins with investment managers providing information regarding their strategies, funds and areas of focus. The System’s Investment team then follows a series of steps to evaluate each manager. Investment staff across all asset classes will participate in underwriting emerging managers alongside a dedicated Terra Maria team. All managers must meet the same rigorous due diligence and investment standards as those performed by SRPS Staff for any other investment.
Read More About Terra Maria: Our ProcessFocus: US and International Small Cap; International Developed, Emerging Markets, Global Equity
Definition: US and Int’l Small Cap managers with AUM below $5 billion. Other asset classes with AUM below $8 billion
State Retirement Agency Direct Staff
Larry Katsafanas
[email protected]
410-625-5626
Focus: All fixed income asset classes
Definition: Managers with AUM below $12 billion
State Retirement Agency Direct Staff
Larry Katsafanas
[email protected]
410-625-5626
Program Partner
Attucks Capital Management
Karen Mair
[email protected]
203-388-4220
Focus: Small/middle market growth and buyout managers
Definition: Institutional Funds I, II, or III and manager AUM under $2 billion at the time of investment
State Retirement Agency Direct Staff
Larry Katsafanas
[email protected]
410-625-5626
Focus: Value add and opportunistic
Definition: Institutional Funds I, II, or III and manager AUM under $2 billion at the time of investment (excluding debt)
State Retirement Agency Direct Staff
Larry Katsafanas
[email protected]
410-625-5626
Focus: Primary and direct deals focusing mostly on the domestic lower and middle market. Both generalist and specialist strategies will be considered
Definition: Infrastructure — Institutional Funds I, II, or III and manager AUM under $5 billion at the time of investment
Nat Resources — Institutional Funds I, II, or III and manager AUM under $2 billion at the time of investment
Focus: All private credit strategies
Definition: Institutional Funds I, II, or III and manager AUM under $2 billion at the time of investment
State Retirement Agency Direct Staff
Larry Katsafanas
[email protected]
410-625-5626