Michigan State Investment Board Committed $975M to Alts in Q3

The Michigan State Investment Board recently disclosed committing a total of $975M across nine funds in deals made throughout the third quarter last year, per materials from its January 8 board meeting.

In an executive summary of investments made from July 1 to September 30, 2024, the state pension disclosed committing $125M to Sixth Street Specialty Lending Europe III and a total of $225M to Blackstone Capital Opportunities Fund V, split between a $100M allocation under its absolute return portfolio and another $125M under international equity. 

Under its real estate and infrastructure umbrella, Michigan allocated $100M to KKR Global Infrastructure Investors V and $75M to Transwestern Strategic Partners Fund IV. Within its real return and opportunistic portfolio, the SIB allocated $200M to Castle Credit SMRS Holdings Series E, $150M to TPG Rise Climate II, and $50M each to Castle Credit SMRS Holdings Series D and Dawson (Co-Invest) GP Finance II. 

As of September 2024, the pension carried a 10% allocation to its absolute return asset class, 14.3% in international equity, 8.9% in real estate and infrastructure, and 9.4% in real return and opportunistic funds. The Michigan State Investment Board oversees aggregate plan assets of approximately $100B, per the latest Dakota data.