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Who State of Michigan is.
Where the institution came from, whose capital it manages, and how that capital is allocated — from Dealroom's LP research.
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.
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, and the best-ranked are shown here.
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. 12 emerging (three funds or fewer), 28 established — across the 40 of 70 with a fund history on record.
State of Michigan’s biggest current holdings.
An estimate of State of Michigan’s largest live positions — disclosed shareholding × Dealroom’s latest valuation — across 1 companies where State of Michigan is a named shareholder, worth about $76M in estimated equity value.
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1
Inari
3.5%
$2.2B
$76M
Estimated value = State of Michigan’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. See the underlying cap tables on Dealroom →
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. The 12 largest by total funding are shown.
How those direct holdings break down by headquarters country, sector, entry stage and current growth stage.
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USA16
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Canada2
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Food5
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Transportation5
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Energy3
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Health2
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Early Growth11
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Mature4
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Breakout Stage3
Inside State of Michigan’s portfolio.
The 12 highest-funded portfolio companies, of 18 tracked.
LaBoLGSPGrSlMHGrTiCrAnNiOther 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.