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Michigan State Police Retirement System
The Michigan State Police Retirement System provides defined-benefit pensions for sworn members of the Michigan State Police, operating under the...
Michigan State Police Retirement System
The Michigan State Police Retirement System provides defined-benefit pensions for sworn members of the Michigan State Police, operating under the administrative umbrella of the Michigan Office of Retirement Services. State Treasurer Rachael Eubanks serves as the primary investment fiduciary alongside the MSPRS Board of Trustees, chaired by Mitchell Stevens. The system exists within Michigan's broader constellation of state employee retirement funds but maintains a distinct investment policy tailored to its narrower beneficiary base. MSPRS deploys capital across a mix of public equities, fixed income, real estate, infrastructure, and private market strategies. In real assets, the system has moved beyond commingled fund commitments to direct co-investment vehicles — confirmed positions include Lion Industrial Trust, a US industrial property pool; Penmain Office, LLC; M1 Westgate CoInvest, LLC, a mixed-use development vehicle; and Asana Partners Fund IV, a retail-focused real estate fund. The system also participates in cross-border infrastructure, holding a position in a bulk Nordic data centre via a BentallGreenOak-managed vehicle spanning Norway and Denmark. The fund maintains a target allocation to real estate and infrastructure that places it in the upper quartile among similarly sized pension funds for tangible-asset exposure. The system executes its investment program through the Michigan Department of Treasury's Bureau of Investments, which manages combined assets across multiple state retirement funds. MSPRS participates in professional networks including the National Conference on Public Employee Retirement Systems and the National Council on Teacher Retirement, sharing best practices with other state-sponsored plans. The Office of Retirement Services, led by Executive Director Anthony Estell, handles plan administration and member services independently from the investment function, maintaining a governance separation between fiduciary asset management and benefit disbursement. What distinguishes MSPRS structurally is its participation in the pooled investment apparatus of Michigan's state pension system while retaining its own board-level policy authority. This hybrid model — sharing execution infrastructure with the state's larger retirement systems while preserving mission-specific oversight — allows the smaller police pension fund to access institutional-caliber co-investments and direct real asset deals that would otherwise exceed its standalone capacity.
General information
Firm type
Pension Fund
Year founded
1986
Location
Region
North America
Country
United States
City
Lansing
Corporate office
Lansing, MI, United States
Principals
Rachael Eubanks
State Treasurer
Anthony Estell
Executive Director, Office of Retirement Services
Mitchell Stevens
Chair, MSPRS Board of Trustees
Sector focus
Frequently asked questions
Who runs investment decisions at MSPRS?
State Treasurer Rachael Eubanks serves as the primary investment fiduciary for the system, operating through the Michigan Department of Treasury's Bureau of Investments. The MSPRS Board of Trustees, chaired by Mitchell Stevens, retains policy-level authority over asset allocation and manager selection. Day-to-day portfolio management is executed by Treasury investment staff, who handle trading, due diligence, and monitoring across all asset classes.
How does MSPRS source its real estate and infrastructure deals?
The fund accesses real estate and infrastructure through a combination of commingled fund commitments, separate accounts, and direct co-investment vehicles. It participates in manager-driven co-invest opportunities — for example, its position in a Nordic data centre came via a fund managed by BentallGreenOak. For domestic real estate, MSPRS has used LLC structures like M1 Westgate CoInvest and Penmain Office to hold direct property interests alongside operating partners.
Is MSPRS's investment portfolio managed independently from other Michigan state pensions?
No. MSPRS pools investment execution with other Michigan state retirement systems through the Bureau of Investments, a division of the Department of Treasury. This shared infrastructure gives the smaller police pension fund access to institutional-scale deals and manager relationships. However, the MSPRS Board of Trustees retains independent control over its asset allocation policy and can deviate from the broader state pension investment approach.
What is the governance relationship between the MSPRS Board and the Michigan Office of Retirement Services?
The Michigan Office of Retirement Services, led by Executive Director Anthony Estell, handles plan administration — member services, benefit calculations, and recordkeeping — while the MSPRS Board of Trustees governs investment policy and fiduciary matters. Investment execution is delegated to the Treasury's Bureau of Investments. This creates a three-way separation between plan administration, fiduciary governance, and asset management.
What investment types does MSPRS target in private markets?
The system allocates to real estate across industrial, office, mixed-use, and retail property types, both domestically and internationally. In infrastructure, it has participated in data centre and digital-infrastructure deals in Northern Europe. It also maintains positions in private credit, hedge funds, and secondaries strategies through separate manager relationships and club-style co-investment vehicles.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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