LP profile · Pension fund
State of Michigan
State of Michigan is a pension fund headquartered in United States (North America). Ranked #91 in the 2026 Dealroom Power Law LP Ranking by realised power-law score across its venture commitments.
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.
Sources
- https://www.michigan.gov/treasury/about/investments
- https://www.legislature.mi.gov/(S(wjelsl2ya2t4os55q2sjel55))/mileg.aspx?page=getObject&objectname=mcl-act-20-of-1943
- https://www.michigan.gov/treasury/about/investments/quarterly
- https://audgen.michigan.gov/finalpdfs/13_14/r271025005F.pdf
- https://www.ag.state.mi.us/opinion/datafiles/2000s/op10271.htm
- https://my.voya.com/einfo/public/fundinfo.aspx?cl=MICHIGAN&pl=640001PU&page=investment_informationfundinformationstablevalue&domain=stateofmi.voya.com&s=o2ckdwt32n0bmjpie31cs3da&d=77006e3f59d1ee579c46266234a37d854d0e8b7d