Michigan Department of Treasury, Bureau of Investments, committed $250 million to the third direct lending fund offered by Czech Asset Management.
The Lansing-based investment office made the commitment to SJC Direct Lending Fund III on behalf of the $54.9 billion Michigan Retirement Systems, which it manages, CIO Jon Braeutigam confirmed in an e-mail.
SJC Direct Lending Fund III just closed with about $1.7 billion of commitments, above its $1.5 billion target, said a news release from Czech Asset Management on Monday.
Assets committed to the new fund are from existing clients or referrals from existing clients.
The fund’s portfolio managers seek to lend to U.S. middle-market companies with annual revenue between $75 million and $500 million and annual EBITDA between $7.5 million and $50 million. About $215 million from the fund has already been invested.
Czech Asset Management manages about $4.3 billion in loans, commitments and co-investments.