Michigan Department of Treasury, Bureau of Investments, committed $901 million to 14 alternative funds on behalf of the $72.7 billion Michigan Retirement Systems, East Lansing, in the first quarter.
Within the pension fund's real return, opportunistic and absolute-return portfolio, the bureau, which oversees investment of the plans, committed $150 million Carlyle International Energy Partners II, a commingled fund that will invest in international energy opportunities managed by Carlyle Group.
In private equity, the bureau committed $676 million to 11 funds: $200 million to Blackstone Capital Partners VIII, a large diversified buyout fund managed by Blackstone Group; $125 million to Genstar Capital Partners IX, a middle-market diversified buyout fund; $100 million to American Industrial Partners VII, a middle-market buyout fund; $100 million to Summit Partners Growth Equity Fund X, a growth equity fund; $35 million to Arboretum Ventures V, a multistage health care venture capital fund focused on life sciences; $30 million to Menlo Special Opportunities Fund II, a late stage venture capital fund managed by Menlo Ventures Management; $25 million to CircleUp Credit Fund, focused on short term credit/receivables and managed by CircleUp Network; $14 million to Silver Lake SL SPV-2, a special purpose vehicle managed by Silver Lake Partners.
Also, the bureau made commitments to three funds managed by Accel: $28 million to Accel Growth Fund V, a late stage venture/growth fund; $10 million to Accel XIV, an early stage technology venture capital fund; and $9 million Accel Leaders Fund II, a late stage venture/growth fund.
Within real estate and infrastructure, the bureau committed $50 million to Asana Partners Fund II, a commingled fund specializing in value-add urban retail real estate opportunities in the U.S., and $25 million to Core Property Index Fund, an open-end commingled fund managed by IDR Investment Management that seeks to track the NCREIF Open-end Diversified Core Equity index.
As of March 31, the pension fund's actual allocation was 24.7% domestic equities, 17.1% private equity, 16.9% international equities, 12.6% fixed income, 11% real return and opportunistic strategies, 9.7% real estate and infrastructure, 5.7% absolute return and 2.3% short-term investments.