Michigan Department of Treasury, Bureau of Investments, disclosed approximately $1.6 billion in third-quarter commitments on behalf of the $95.4 billion Michigan Retirement Systems, East Lansing, according to board documents.
In absolute return, the bureau committed $300 million to SMRS-HVDL, a dedicated and flexible private credit co-investment vehicle created by HarbourVest Partners and the State of Michigan Retirement Systems, or SMRS. It also committed $100 million to Farallon Special Situations Fund II, which invests globally across the capital structure in illiquid special situation investments and is managed by Farallon Capital Management.
In real return and opportunistic, board documents from the bureau's Dec. 9 meeting show it committed $250 million to TPG Rise Climate I, a closed-end global climate change private equity fund managed by TPG Capital; $150 million to Nyanza II, a closed-end music and entertainment private equity fund, managed by Great Mountain Partners; and $100 million to Angelo Gordon Credit Solutions Fund II, a closed-end credit fund that provides financing solutions across credit markets.
In private equity, the bureau committed $200 million to Carlyle Partners VIII, a buyout fund managed by Carlyle Group; $200 million to Clearlake Capital Partners VII, managed by Clearlake Capital Group, which has a flexible mandate to invest in buyouts, special situations and corporate carve-outs, and acquisitions of business units from large corporations; $125 million to Riverside Micro-Cap Fund VI, a buyout fund managed by Riverside Co.; $50 million to Carlyle Partners Growth, a buyout fund managed by Carlyle Group; $50 million to Permira Growth Opportunities II, which focuses on making non-control investments in high-growth companies; and $25 million to Michigan Growth Capital Partners IV, managed by Beringea through Invest Michigan, a program focused on generating strong returns for investors and growing the next generation of Michigan companies, according to its website.
As of Sept. 30, the Michigan Retirement Systems' actual allocation was 23.3% private equity, 23% domestic equity, 16.3% international equity, 12.2% real return and opportunistic strategies, 10.1% fixed income, 7% real estate and infrastructure, 5.4% absolute return and 2.7% short-term investments.