Michigan Department of Treasury, Bureau of Investments, committed $834.4 million to 12 alternative funds on behalf of the $71.2 billion Michigan Retirement Systems, East Lansing, in the quarter ended Sept. 30.
In its recently released third-quarter investment report, the bureau, which oversees investment of the plans, committed $150 million to ASF VIII B, a secondary private equity fund of funds managed by Ardian.
Also in private equity, the bureau committed $100 million to Riverside Micro-Cap Fund V, a buyout fund managed by the Riverside Co.; $75 million to Vista Equity Partners VII, a buyout fund focused on software, data and technology companies managed by Vista Equity Partners Management; $60 million to TI Platform SMRS SMA, a micro-venture capital separately managed account with Trusted Insight; and $50 million to Permira Growth Opportunities I, a European buyout fund.
In real estate, TPG Real Estate Partners III, which will focus on developing real estate platforms that will perform various specific real estate strategies, received a $50 million commitment.
Also, $50 million went to Ridgewood Water & Strategic Infrastructure Fund, managed by Ridgewood Infrastructure, to focus on water related infrastructure investments in North America, primarily the U.S., and $44.4 million to Principal Separate Account, managed by Principal Real Estate Investors, for the joint venture development of a four-story, 125,000-square-foot Class A office building in Sunnyvale, Calif.
In real returns, matching $100 million commitments went to Barings Global Real Asset Fund I, a commingled fund that will invest in co-investments, secondary funds and primary funds, and to TSSP Opportunities Partners IV (A), a commingled fund that will invest in corporate dislocations, special situations and distressed for control opportunities.
Further, $35 million went to Kayne Anderson Acquisition Corp., a publicly traded special purpose acquisition company, and $20 million went to SJC Direct Lending Fund III Co-Invest, a co-investment opportunity with an existing SJC Fund III borrower.
The retirement systems' asset allocation as of Sept. 30 was 26.3% domestic equities, 17.2% international equities, 16.4% private equity, 12.1% fixed income, 10.5% real estate and infrastructure, 9.1% real return and opportunistic, 5.9% absolute return and 2.5% short term.