State of Michigan Retirement Systems, Lansing, committed $300 million to the Invest Michigan! Program, which invests in companies based in the state.
The $57 billion fund committed $150 million to the programs Growth Capital Fund, which will make direct investments targeting venture capital and expansion-stage companies and is managed by co-general partners Beringea and Credit Suisse.
The other $150 million was committed to the programs Michigan Opportunities Fund, which will target potential acquisitions and buyouts, managed by Glencoe Capital.
In a news release, Michigan Gov. Jennifer M. Granholm said the managers of the two funds will work with a business leadership group made up of executives from a wide range of industries based in the state.
This program is designed to grow the states pension fund by investing in Michigan-based companies, Ms. Granholm said in the release.