SO
LP profile
State of Michigan
Pension fund · Lansing, United States
70
VC firms backed
$96B
AUM
~$2.9B
Allocated to VC (est. 3%)
01 · Background
Who State of Michigan is.
- Historical Background
- The State of Michigan's investment activities are primarily managed through the Department of Treasury, with roots in state governance. Public Act 20 of 1943 was established to govern the investment of surplus funds for public corporations within the state. A key development occurred on September 27, 2018, when Executive Order 2018-10 created the State of Michigan Investment Board, which replaced the former Investment Advisory Committee.
- Source of Capital
- The capital is primarily sourced from the state's various pension funds, including the Michigan Public School Employees' Retirement System, State Employees' Retirement System, and others. Additional capital comes from the Jobs for Michigan Investment Fund, a permanent fund established under the state constitution.
- Major Events
- The 2018 creation of the State of Michigan Investment Board marked a significant restructuring of investment oversight, centralizing decision-making and reporting under this new body.
- Allocation Strategy
- The state allocates capital across a diversified range of asset classes, including public equities, fixed income, real estate, and alternative investments. The Alternative Investments Division specifically focuses on private equity, venture capital, and other non-traditional asset classes to generate higher returns for the state's retirement systems. The investment strategy aims to provide stable, long-term income and capital conservation, particularly for its stable value funds, which are diversified across various fixed-income securities.
02 · Fund commitments
The funds State of Michigan backs.
State of Michigan is a limited partner in 70 funds. 13 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Accel
#4 Power Law
Lightspeed Venture Partners
#7 Power Law
Khosla Ventures
#12 Power Law
Insight Partners
#23 Power Law
Battery Ventures
#54 Power Law
Menlo Ventures
#75 Power Law
Meritech Capital
#107 Power Law
FirstMark
#127 Power Law
Greenspring Associates
#197 Power Law
Softbank Capital
#225 Power Law
Warburg Pincus
#233 Power Law
Flagship Pioneering
#314 Power Law
Apax Partners
Ardian
BC Partners
Doughty Hanson Technology Ventures
EQT Group
Globis Capital Partners
Invesco
Oddo BHF Asset Management
Robeco
SCALE Aviation
03 · Allocation
How State of Michigan’s fund book is spread.
The 70 funds State of Michigan backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 6086%
- Europe 913%
- Rest of world 11%
United States 60 · United Kingdom 4 · France 2 · Ireland 1
How established those managers are
Managers grouped by how many funds they have raised — across the 40 of 70 with a fund history on record.
Emerging funds · 12
Established funds · 28
6
1
5
2
1
3
6
4
4
5-6
5
7-9
6
10-14
7
15+
Funds raised by the manager
04 · Direct investments
The companies State of Michigan backs directly.
State of Michigan holds 18 companies directly, separate from the funds it commits to as a limited partner. Broken down by headquarters country, sector, entry stage and current growth stage.
By countryCount
-
USA16
-
Canada2
By sectorCount
-
Food5
-
Transportation5
-
Energy3
-
Health2
By growth stageCount
-
Early Growth11
-
Mature4
-
Breakout Stage3
05 · Portfolio market map
Inside State of Michigan’s portfolio.
The 12 highest-funded portfolio companies, of 18 tracked.
LaLake State Railway Company
BoBollinger Motors
$247M
LGLG Energy Solution Michigan
SPSPLT (Splitting Fares)
$2.5M
GrGreat Lakes Central
SlSloan Museum of Discovery
MHMH3D Inc.
GrGreater Flint Health Coalition
TiTim Hortons
CrCreswick Farms
AnAngus Cattle Co
NiNiles Industrial Coatings
06 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to State of Michigan by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
Agilent Technologies Retirement Plan
$1.8B AUM
24 VC funds backed
🇺🇸
HP Pension Plan
$5.2B AUM
23 VC funds backed
🇺🇸
Arkansas Teacher Retirement System
$23B AUM
50 VC funds backed
🇺🇸
UPMC Master Trust
31 VC funds backed
🇺🇸
National Automatic Sprinkler Industry Pension Fund
$1.7B AUM
57 VC funds backed
🇺🇸
STRS Ohio
$95B AUM
106 VC funds backed
🇺🇸
State of Michigan Retirement Systems
$100B AUM
49 VC funds backed
🇺🇸
Bessemer Trust
$45B AUM
26 VC funds backed