Michigan Department of Treasury, Bureau of Investments, committed a total of $1.5 billion to 15 private funds on behalf of the $67.1 billion State of Michigan Retirement Systems, Lansing, in the quarter ended June 30.
Seven private equity funds split a total of $751 million in commitments, the largest of which was $300 million to Blackstone Capital Partners VII, managed by Blackstone Group, said recently released meeting materials from the division's Sept. 3 investment advisory committee meeting.
Other commitments were $150 million to Coller International Partners VII, managed by Coller Capital; Carlyle Europe Partners IV, managed by Carlyle Group, $111 million; Centerbridge Capital Partners III, $75 million; EnCap Energy Capital Fund X, managed by EnCap Investments, $45 million; Peninsula Fund VI, managed by Peninsula Capital Partners, $40 million; and Arboretum Ventures IV, $30 million.
Seven commitments to real estate and infrastructure strategies totaling $505 million were made during the three-month period ended June 30: Domain GVA-1, managed by Domain Capital Advisors, $160 million; MIP Holdco, managed by Transwestern Investment Group, $100 million; Northpark-Land Associates, also managed by Domain Capital Advisors, $65 million; and J.P. Morgan India Property Fund II, $30 million, managed by J.P. Morgan Asset Management.
Also from the real estate/infrastructure asset class, $50 million each was committed to ArcLight Energy Partners Fund VI, managed by ArcLight Capital Partners; GSO Energy Select Opportunities Fund, managed by GSO Capital Partners; and True North Real Estate Fund III, managed by True North Management Group.
From the retirement system's real-return/opportunistic allocation, $250 million was committed to Lakewater LLC, Series V-Global Resources strategy, managed by Wood Creek Capital Management, according to IAC meeting materials.
Separately, Michigan Public School Retirement System, the largest of the four pension systems managed by the investment division with assets of $44.2 billion, had positive returns for periods ending June 30, although it failed to outperform its benchmark in two of five periods.
As of June 30, MPSRS returned 6.2% (benchmark, 6.1%) for the one-year period; three years, 12.4% (11.9%); five years, 12.1% (12.6%); seven years, 6.8% (7.4%); and 10 years, 7.4% (7.3%).
Multiyear returns are annualized.