Institution: Michigan Department of Treasury
Headquarters: Lansing, United States
Total AUM: $72.66bn
Allocation to Alternatives: 37.8%
Bitesize: $100-200m
Michigan Department of Treasury, the investment fiduciary of the State of Michigan Retirement System (SMRS), has committed $75 million to two private real estate funds in the first quarter of 2019, according to a recently released quarterly investment report.
The commitments comprise of $50 million to Asana Partners Fund II, a commingled fund specializing in value-add US urban retail opportunities, and $25 million to Core Property Index Fund, an open-end commingled fund.
The $72.66 billion public pension currently allocates 37.8% of its funds to alternatives.
As illustrated in the charts below, SMRS has a 10.0% target allocation to private real estate, which currently stands at 8.5%.
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