Michigan Municipal Employees’ Retirement System, Lansing, increased its allocation to Driehaus Capital Management’s active global growth equity strategy to $275 million from $75 million, Jeb Burns, chief investment officer of the $5 billion fund, confirmed in an e-mail response to questions.
The increase is the result of Driehaus graduating from its emerging managers program to full manager status.
According to MERS’ website, in addition to performance criteria, managers in the emerging manager program cannot manage more than $300 million in a given strategy. According to eVestment Alliance, Driehaus managed $173 million in the global growth equity strategy as of June 30, including MERS’ $75 million allocation.
The source of the additional assets given to Driehaus could not be learned.