Michigan Department of Treasury, Bureau of Investments, committed $280 million to alternative funds on behalf of the $76.4 billion Michigan Retirement Systems, East Lansing, in the quarter ended Sept. 30, according to documents from its meeting Thursday.
In private equity, the bureau committed $125 million to Thoma Bravo XIV, a large-cap fund focused on the tech and software sectors; $50 million to Axiom Asia VI, a fund of funds focused on growth, small buyout and venture funds managed by Axiom Asia Private Capital; $30 million to Lead Edge Capital V, a growth equity fund focused on the tech sector; and $25 million to Menlo Ventures XV, a venture capital fund focused on early stage technology.
In real return and opportunistic, the bureau committed $50 million to HPS Mezzanine Partners 2019, a commingled fund that invests in mezzanine securities managed by HPS Investment Partners.
As of Sept. 30, the Michigan Retirement Systems' actual allocation was 21.6% domestic equities; 19.9% private equity; 16.1% international equities; 12.4% each fixed income and real return and opportunistic strategies; 8.1% real estate and infrastructure; 4.8% absolute return and 4.7% short-term investments.
