
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.