St. Mary's County LOSAP board approves quarter investment report, authorizes search for private‑credit managers

ST. MARY'S COUNTY, Md. — The St. Mary’s County Length of Service Award Program (LOSAP) board on Aug. 29 approved its second‑quarter investment performance report and agreed to begin a manager search for private credit, an illiquid loan strategy the board’s consultant said could modestly boost expected returns and reduce volatility.

Marquette Associates consultant Patrick Ling presented the quarterly performance review, telling board members the trust began the quarter “just shy” of $18.8 million, saw roughly $1.2 million in net investment gains during the period, and ended the quarter “about 20 and a quarter million dollars.” He said total assets reported later in the packet were $21.3 million after an early‑fiscal‑year contribution was deposited.

Ling said the U.S. economy rebounded in the second quarter, citing an initial GDP estimate revised to 3.3% and noting recent inflation readings the Federal Reserve monitors. He described private credit as loans to privately held businesses that are often secured, shorter in maturity than high‑yield bonds and typically floating‑rate — characteristics he said could…