Michigan Department of Treasury, Bureau of Investments, disclosed $500 million in private equity and real estate commitments completed in the fourth quarter on behalf of the $92.6 billion Michigan Retirement Systems, East Lansing, according to materials for the state's investment board meeting Thursday.
The bureau committed $300 million to Lone Star Fund XII, a closed-end global, diversified buyout fund managed by Lone Star Funds that concentrates on opportunistic debt and equity investments primarily in the housing sector.
The bureau also committed $50 million to Avanath Affordable Housing Renaissance Fund, an open-end fund investing in affordable multifamily housing in the U.S. managed by Avanath Capital Management.
And lastly, the bureau committed $150 million to buyout fund GTCR Fund XIV.
As of Dec. 31, the Michigan Retirement Systems' actual allocation was 24.2% private equity, 18.6% domestic equity, 13.6% international equity, 12% real return and opportunistic strategies, 10.8% real estate and infrastructure, 10.1% absolute return, 9.2% fixed income and 1.5% short-term investments.
