The Board of Investments (BOI) of the State of Michigan Retirement System approved $2.4 billion in new investment commitments to alternative investments between Jan. 1 and March 31, according to a presentation prepared for its June 23 meeting.
The $98 billion portfolio the Bureau manages for Michigan’s public employees’ retirement systems has outstanding commitments to fund approximately $17.5 billion in illiquid assets, primarily in private equity, according to an investment summary from Robert Brackenbury, BOI’s deputy chief investment.
Over the past year, BOI has reduced its allocation to private equity . . .