Michigan Department of Treasury, Bureau of Investments, disclosed $887 million in alternatives commitments made from April through June on behalf of the $107.6 billion Michigan Retirement Systems, East Lansing.
In absolute return, Michigan committed $300 million to Apollo Accord+ II Fund, a drawdown investment partnership managed by Apollo Global Management. The fund is designed to be a multiasset credit strategy that will invest primarily in North America and Western Europe, according to board documents. It also committed $150 million to AMG Comvest Senior Lending Feeder Fund II, a business development company-structured investment managed by Comvest Partners.
In private equity and venture capital, the bureau committed $150 million to Veritas Capital Fund IX, a buyout fund managed by Veritas Capital Fund Management; $100 million to HarbourVest Co-Investment Fund VII Combined, a fund managed by HarbourVest Partners that is focused on buyout and growth equity co-investments; $100 million to Thoma Bravo Discover Fund V and $50 million to Thoma Bravo Fund XVI, buyout funds focused on software investments; and $10 million to Accel London VIII, an early stage venture capital fund focused on European technology investments.
And in real estate and infrastructure, Michigan committed 284.5 million Norwegian kroner ($27 million) to BGO Europe IV King II/ King III Co-Investment, a closed-end co-investment vehicle managed by BentallGreenOak investing in a Norwegian data center company alongside BentallGreenOak Europe IV, a closed-end European multistrategy real estate fund concentrating on the industrial/logistics sector. Michigan previously committed €100 million ($110 million) to BentallGreenOak Europe IV in 2021.
As of June 30, the Michigan Retirement Systems' actual allocation was 21.6% private equity, 20.8% domestic equity, 13.8% international equities, 10.2% real return and opportunistic strategies, 10% fixed income, 10% absolute return, 9% real estate and infrastructure and 4.6% short-term investments.
