Institution: State of Michigan Retirement Systems
Headquarters: Lansing, United States
AUM: $74.75bn
Allocation to alternatives: 38.90%
Bitesize: $50-100m
State of Michigan Retirement Systems committed $100 million to Invesco Strategic Opportunities III and $50 million to AEW Senior Housing Investors IV. Both funds will be used to invest in the North America region, with AEW using its fourth senior housing vehicle to target core-plus healthcare properties, and Invesco partially focusing on the Western European region through opportunistic investments across diversified sectors.
The $74.75 billion US government organisation has a 10 percent target allocation to real estate that currently stands at 8.20 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 real estate funds across various strategies, sectors and regions.
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