SMRS approves $175m in commitments

The Michigan bureau has backed two mezzanine debt funds targeting several regions.

Institution: State of Michigan Retirement Systems
Headquarters: Lansing, United States
AUM: $74.75bn
Allocation to alternatives: 38.90%
Bitesize: $100-200m

State of Michigan Retirement Systems committed $100 million to AG Credit Solutions Fund and $75 million to Orion Mine Finance Fund III. Angelo Gordon will use capital raised by its fund to lend to companies across North America, while Orion Resource Partners plans to finance infrastructure projects across the globe using its third credit fund.

The $74.75 billion US government organisation currently allocates 1.20 percent to private debt, which is equal to its percent allocation to infrastructure.

As illustrated in the charts below, SMRS devotes 38.90 percent of its full investment portfolio to alternative assets. The department has a strong appetite for global corporate debt funds across multiple strategies.

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