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FUNDRAISING NEWS | September 29, 2023

Michigan Investment Board Commits $742.7M to Alts

Tags: Pension Funds, Alternative Insights, Private Credit, Private Equity

The State of Michigan Investment Board has disclosed seven alternative investments totaling $742.7M, according to materials from the September board meeting.

In private credit, $100 million was allocated to the Irradian CLO Partners Fund III. Additionally, $75 million was committed to the HarbourVest Credit Opportunities Fund III.

Within private equity, $167.7 million was committed to buyout fund, CVC Capital Partners IX. $150 million was committed to Insight Partners XIII, a growth equity fund. $125 million was committed to Genstar Capital Partners XI. The Genstar XI Opportunities Fund also received a $25 million investment. Lastly, $100 million was committed to the American Industrial Partners Capital Fund VIII.

As of June 30, 2023, the $97 billion Retirement System had an actual and target allocation to Absolute Return of 9.9% and 9% respectively. The actual and target allocation to private equity was 23.3% and 16% respectively.

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Written By: Koncheng Moua, Director of Data Management and Strategy

Koncheng Moua is the Director of Data Management and Strategy at Dakota.

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