State of Michigan

The Michigan Bureau of Investments, headquartered in the state's capital of Lansing, is the 20th largest pension fund in the United States. It controls the public teachers, state employees, state police and judges pension plans, with aggregate assets of $46.5 billion. Over $9 billion of this total is dedicated to alternative investments; ranging from private equity funds, real estate funds, direct hedge funds and fund of funds. As of the end of the 3rd quarter of 2010, the firm is capital constrained and is not making new investments in private equity or real estate funds until they see more liquidity. The firm hopes to become more active within private equity and real estate in the second half of 2010.