Searches and Hires

Michigan Retirement Systems earmarks $535 million for 7 alternatives funds

Michigan Department of Treasury, Bureau of Investments, committed $535 million to seven alternative funds on behalf of the $69.9 billion State of Michigan Retirement Systems, Lansing, in the quarter ended March 31.

In its recently released first-quarter 2018 investment report, the bureau revealed a commitment of $200 million to BroadRiver III, a private credit fund managed by BroadRiver Asset Management.

The bureau also committed $75 million each to Khosla Ventures VI, a venture capital fund; Thoma Bravo Discover Fund II, a lower middle-market buyout fund; and Trilantic Capital Partners VI (North America), a buyout fund.

It committed $50 million each to two funds managed by Axiom Asia Private Capital: Axiom Asia V, a private equity fund of funds, and Axiom Asia Co-Investment Fund I.

Finally, the bureau also committed $10 million to venture capital fund Khosla Ventures Seed D.

The retirement systems' asset allocation as of March 31 was 24.3% domestic equities, 18.3% international equities, 15.5% private equity, 12.2% fixed income, 11.3% real estate and infrastructure, 8.8% real return and opportunistic, 5.7% absolute return and 3.9% short term.