On behalf of the
The $47 billion State of Michigan Retirement Systems has a target allocation of 16 percent to the asset class, which currently makes up about 19 percent its the total portfolio. The allowable range extends from 10 percent to 17 percent.
“The most interesting deals so far [this year] have been on the debt side,” said the spokesperson, “although this is changing as funds flow to this area and make it more competitive.”
About half the alternative portfolio, as of December, was committed to buyout funds, about 21 percent to special situation vehicles and about 10 percent to venture capital funds. The State of Michigan Retirement Systems also makes co-investments, which it has been doing since the early 1990s, said the spokesperson.
Michigan has previously backed