Michigan Department of Treasury, Bureau of Investments, disclosed $406 million in private equity, real estate and absolute-return commitments made from October through December on behalf of the $110.1 billion Michigan Retirement Systems, East Lansing.
The bureau committed $101 million to Nuveen SMRS Fund, a fund of one investment vehicle managed by Nuveen Asset Management that invests in collateralized loan obligation liability and equity securities, according to documents posted ahead of Michigan’s April 2 investment board meeting.
It also committed $100 million to Duration Transportation Infrastructure Capital Partners, an open-end fund investing in diverse segments of the U.S. transportation infrastructure market managed by Duration Capital Partners.
The bureau committed $75 million to a co-investment fund with Blackstone Capital Opportunities Fund V, a closed-end investment fund that focuses on providing private credit solutions on an opportunistic basis across a wide array of investment structures and collateral types, according to board documents. Michigan previously committed $225 million to Blackstone Capital Opportunities Fund V earlier in 2024.
In private equity, Michigan committed $100 million to Summit Partners Growth Equity Fund XII, a growth equity fund; $20 million to Accel Growth Fund VII, a growth equity; and $10 million to venture capital fund Accel India VIII.
As of Dec. 31, the Michigan Retirement Systems' actual allocation was 22% domestic equity (21% target), 21.6% private equity (16%), 13.1% international equities (14%), 10.1% absolute return (13%), 9.8% long-term fixed income (15%), 9.2% real-return and opportunistic strategies (9%), 8.7% real estate and infrastructure (8%) and 5.5% short-term fixed income (4%).
