Institution: Michigan Department of Treasury
Headquarters: Lansing, United States
Total AUM: $72.66bn
Allocation to Alternatives: 37.8%
Michigan Department of Treasury, the investment fiduciary of the State of Michigan Retirement System, has committed $787 million to ten private equity funds in the first quarter of 2019, according to a recently released quarterly investment report.
The commitments comprise of $200 million to Blackstone Capital Partners VIII, $125 million to Genstar Capital Partners IX, $100 million to American Industrial Partners Capital Fund VII, $100 million to Summit Partners Growth Equity Fund X, $35 million to Arboretum Ventures V, $30 million to Menlo Special Opportunities Fund II, $28 million to Accel Growth Fund V. $10 to Accel XIV, $9 million to Accel Leaders Fund II and $150 million to Carlyle International Energy Partners II.
Additionally, in the next year the retirement system will continue to focus on seeking out new buyout, venture capital, secondary, and growth equity funds. Co-investments remain an important component in its investment strategy.
The $72.66 billion public pension currently allocates 37.8% of its funds to alternatives.
As illustrated in the charts below, SMRS has a 16.5% target allocation to private equity which currently stands at 17.1%.
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