SMRS approves $725m in commitments

The Michigan bureau has backed six North America-focused private equity funds.

Institution: State of Michigan Retirement Systems
Headquarters: Lansing, United States
AUM: $74.75bn
Allocation to alternatives: 38.90%
Bitesize: $100-200m

State of Michigan Retirement Systems committed $350 million to Blackstone Strategic Capital Holdings II ($250 million to the main vehicle and $100 million to a co-investment), $150 million to Apax X, $100 million to Veritas Capital Fund VII, $25 million to Lightspeed Global Opportunity Fund, $25 million to Science Ventures Fund III and $75 million to Turning Rock Fund I. Capital raised by all six funds will be used to target North America-based investments, with Lightspeed Global Opportunity Fund and Apax X focusing on global investments.

The $74.75 billion US government organisation has a 16.50 percent target allocation to private equity that currently stands at 18.60 percent.

As illustrated in the charts below, SMRS devotes 38.90 percent of its full investment portfolio to alternative assets. The department has a strong appetite for funds that are used to invest in North American companies across diversified sectors.

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