Michigan’s Bureau of Investments, an arm of the Michigan Treasury Department that invests on behalf of the $45 billion
The reason for lowering the private equity target was “long-term fund liquidity needs as well as further efforts to diversify the fund’s holdings,” the spokesman said. The LP has been “seeing a few opportunities in the debt area recently,” but expects “the buyout side to pick up as well,” he added.
A little more than half the alternative portfolio, as of June, was committed to buyout funds, almost 22 percent to special situation vehicles, almost 10 percent to venture capital funds and about 6 percent to funds of funds. The State of Michigan Retirement Systems also makes co-investments.
Michigan has previously backed