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Alternative Assets  + Private Equity  + Real Estate  |  July 26, 2023
Michigan Retirement System Adds $421M to Alts, Real Estate Tops List
Joe Palmisano
By: Joe Palmisano

Michigan Retirement System Adds $421M to Alts, Real Estate Tops List

The State of Michigan Retirement System selected funds across real estate, private equity, infrastructure, and absolute return strategies totaling $421 million in the first quarter of 2023.

The real estate investment was the largest commitment, with $326 million slated for SMP Data Center, which is managed by Principal Real Estate Investors.

The $95 billion pension system is currently overweight within private equity by 7.5%, CIO Jon Braeutigam reported at a recent board meeting. The system currently has a 23.5% weighting in the asset class.

The system allocated $75 million in the first quarter to Khosla Ventures. The allocations were $50 million to Khosla Ventures Associates VII; a $12.5 million commitment to Khosla Ventures Opportunity II; and another $12.5 milllion to Khosla Ventures Seed F.

In absolute return, Czech Asset Management received $20 million for its SJC DLF IV 10 Year‐J fund, a direct lending fund.

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State of Michigan Retirement System

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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