Michigan Department of Treasury, Bureau of Investments, has disclosed $421 million in private equity, real estate and absolute return commitments completed in the first quarter on behalf of the $95.3 billion Michigan Retirement Systems, East Lansing.
In real estate, the bureau committed $326 million to SMP Data Center, a separately managed account, focused exclusively on investments in the U.S. data center sector and managed by Principal Real Estate Investors, according to materials for the state's investment board meeting on June 29.
In private equity, the bureau committed a total of $75 million to three venture capital funds managed by Khosla Ventures: $50 million to Khosla Ventures VIII; $12.5 million to Khosla Ventures Opportunity II; and $12.5 million to Khosla Ventures Seed F.
And in absolute return, Michigan committed $20 million to SJC Direct Lending Fund IV 10 Year-J, a dedicated co-investment vehicle managed by Czech Asset Management for the SJC Direct Lending Fund IV strategy that will invest in a senior credit opportunity, according to board documents.
As of March. 31, the Michigan Retirement Systems' actual allocation was 24% private equity, 19% domestic equity, 14% international equity, 11% real return and opportunistic strategies, 11% real estate and infrastructure, 10% absolute return, 9% fixed income and 3% short-term investments.