Michigan State Investment Board Commits $460M to Alts

The Michigan State Investment Board has approved four commitments to alternatives, totalling $460 million. 

$150 million was allocated to Suttons Bay Fund, an evergreen separately managed account within Bayview Fund Management. The focus of the fund is to invest in mortgage and consumer credit investments. 

In private equity, $200 million was allocated to Flagship Pioneering Fund VIII, managed by Flagship Pioneering Fund VIII General Partner, LLC. An additional $100 million was allocated to Clearlake Capital Partners VIII, a private equity large buyout fund managed by Clearlake Capital Partners VIII, LLC. 

Lastly, in venture capital, $10 million was allocated to Accel XVI, an early-stage venture capital fund managed by Accel XVI Associates, LLC. 

As of December 31, 2023, the $100.9 billion Pension Fund allocates 22.4% to private equity with a target of 16%. 

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