Maryland State Retirement and Pension System has approved a $150m (€138m) commitment to the Tiverton AgriFinance III fund, as reported by the pension in board meeting notes.

It is the pension fund’s first investment with Tiverton Advisors, which manages the fund.

The fund will provide debt for a variety of agriculture assets in the US, with a focus on production and processing agribusinesses in permanent crops, row crops, dairies, poultry and fruits and vegetables.

Maryland placed the commitment to the fund into its private credit portfolio, which was valued at $5.9bn at the end of September.

Tiverton Advisors declined to comment.

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