Terra Maria Developing Manager Program
Terra Maria Developing Manager Program
The Maryland State Retirement and Pension System’s emerging manger program (Terra Maria) has been in place since 2007 and has about $5 billion in assets with emerging managers. Although primarily focused on public equity, public fixed income, and private equity, emerging manger investments have been also made in credit, real assets and absolute return asset classes. The following link provides an overview of the program.
The System is interested in meeting with emerging managers during our first Terra Maria Investing Day on May 8, 2025. The Terra Maria Investing Day will educate participants about the Terra Maria program followed by an opportunity to hold an investment meeting with staff.
Emerging Managers are invited to complete a questionnaire for consideration to participate in this event. The System will not be able to accommodate all managers for this event due to available time and potential portfolio fit. However, Staff will provide feedback to all respondents.
Please click on your interested asset class below for specific requirements.
Public Equity
Fixed Income
Private Equity
Real Assets
Absolute Return
Public Equity
The Public Equity team is interested in discovering new emerging managers. The ideal candidates are those firms who are younger than five years old with firm/strategy of $8bn/$1.5bn or below. Interested asset classes include US Small Cap, International Equity (EAFE; World ex US) and Emerging Markets Equity.
Please send the following information to invest-info@sra.state.md.us with the “Public Equity” in the Subject line.
Fixed Income
The Fixed Income team is interested in discovering new US-based emerging managers. The ideal candidates are those with firm AUM less than $25bn. We are interested in strategies with effective duration greater than 2 years with AUM less than $12bn.
Please send the following information to invest-info@sra.state.md.us with the “Fixed Income” in the Subject line.
Private Equity
The Private Equity team is interested in discovering new emerging managers. We define emerging managers as managers raising a fund I,II or III with less than $2B in firm AUM. The ideal candidates would be Buyout or Growth managers investing in the U.S. or Europe.
Please send a recent pitchbook with detailed investment information and performance to invest-info@sra.state.md.us with the “Private Equity” in the Subject line.
Real Assets
The Real Assets team is interested in discovering new emerging managers. We define emerging managers as managers raising a fund I,II or III institutional fund with less than $2B in firm AUM for real estate and natural resources. We define emerging managers as managers raising a fund I,II or III institutional fund with less than $5B in firm AUM for infrastructure.
Absolute Return
The Absolute Return team is interested in discovering new emerging managers. The ideal candidates are those firms who are younger than five years old, who have a focus on strategies with minimal public market beta, and have less than $3 billion in AUM.
Please send the following information to invest-info@sra.state.md.us with the “Absolute Return” in the Subject line.