DJIA52377.57 15.99
S&P 5007722.60 45.83
NASDAQ26477.81 308.43
Russell 20002818.87 21.21
German DAX25606.65 165.82
FTSE 10010686.54 -80.79
CAC 407887.14 39.82
EuroStoxx 506164.65 51.60
Nikkei 22563954.19 685.82
Hang Seng23041.32 -170.49
Shanghai Comp3648.30 -49.22
KOSPI6012.44 374.10
Bloomberg Comm IDX141.91 -1.03
WTI Crude-fut115.34 1.39
Brent Crude-fut101.80 1.95
Natural Gas3.50 0.00
Gasoline-fut3.09 0.03
Gold-fut4060.40 -16.60
Silver-fut53.87 -0.67
Platinum-fut1547.00 0.40
Palladium-fut1020.00 -16.00
Copper-fut6.65 -0.01
Aluminum-spot3195.00 0.00
Coffee-fut285.60 -8.65
Soybeans-fut1245.75 2.50
Wheat-fut611.50 0.50
Bitcoin80904.05 0.41
Ethereum USD2345.53 -5.76
Litecoin57.49 0.62
Dogecoin0.08 0.00
EUR/USD1.1143 -0.0043
USD/JPY157.73 0.07
GBP/USD1.3303 -0.0056
USD/CHF0.8293 0.0018
USD IDX102.35 0.01
US 10-Yr TR4.995 0.002
GER 10-Yr TR3.3524 -0.003
UK 10-Yr TR5.3419 -0.0007
JAP 10-Yr TR2.827 0.002
Fed Funds4 0
SOFR3.95 0.02
Connect News Money news for every market and every facet, every day.
Connect Money Events Live and virtual events bringing together the best of information and networking.
Financial Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Awards View the A-list of money & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for clear, concise news of maximum importance to the financial services industry.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Topics

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.

Connect

Inside The Story

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.
Order Reprints