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Alternative Assets  + Private Equity  + Real Estate  | 
Michigan Retirement System Adds $421M to Alts, Real Estate Tops List

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 for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.