Terra Maria Emerging Manager Program
Terra Maria Emerging Manager Program
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.
Terra Maria Asset Allocation
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:
Terra Maria Asset Allocation – December 31, 2024
Terra Maria: Our Process
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.
Terra Maria Emerging Manager Contact Information
Public Equity
Focus: 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
TerraMaria@sra.state.md.us
410-625-5626
Terra Maria Emerging Manager Contact Information
Public Fixed Income
Focus: All fixed income asset classes
Definition: Managers with AUM below $12
billion
State Retirement Agency Direct Staff
Larry Katsafanas
terramaria@sra.state.md.us
410-625-5626
Program Partner
Attucks Capital Management
Karen Mair
karen.mair@attucksfunds.com
203-388-4220
Terra Maria Emerging Manager Contact Information
Private Equity
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
terramaria@sra.state.md.us
410-625-5626
Terra Maria Emerging Manager Contact Information
Real Estate
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
terramaria@sra.state.md.us
410-625-5626
Terra Maria Emerging Manager Contact Information
Infrastructure and Natural Resources*
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
Terra Maria Emerging Manager Contact Information
Private Credit
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
terramaria@sra.state.md.us
410-625-5626