# Natural Resources Asset Pool

Natural Resources Asset Pool is a Pension Fund based in Lansing, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Lansing, United States
- **Region:** North America
- **Address:** Lansing, MI, United States
- **Assets under management:** Undisclosed
- **Website:** https://nrmcorp.com

## Regulatory record

- **Reports private funds:** No

## About

Natural Resources Asset Pool is a private sector pension fund based in Philadelphia, US. It manages $51 million in assets, primarily focused on North America.

## Sectors

- Natural Resources
- Energy Transition & Renewables
- Real Assets
- Infrastructure
- Agriculture

## Offices

- Philadelphia, PA, United States

## People

- State of Michigan Retirement Systems — Sponsor

## Questions

### How does the Natural Resources Asset Pool fit within the State of Michigan Retirement Systems?

The pool sits inside the Bureau of Investments' Real Return and Opportunistic Division, reporting to the State of Michigan Investment Board. It is a dedicated allocation vehicle, not a separate legal entity, and co-exists with the system's broader public-market and private-market portfolios. The Michigan Department of Treasury's Bureau of Investments manages it day-to-day.

### What types of natural resource assets does the pool hold?

The pool holds timberland, row-crop farmland, and energy-producing properties including oil and gas royalty interests. Public records and institutional disclosures from the State of Michigan Retirement Systems confirm active positions across US timber regions, Midwest and Delta farmland, and Permian Basin energy royalties.

### Does the pool invest through external managers or acquire assets directly?

Both. The Bureau of Investments uses a mix of commingled fund commitments, direct property acquisitions, and co-investment structures. The co-investment approach, in particular, allows the pool to access larger timberland and farmland deals alongside peer public pensions and sovereign wealth funds while reducing fee drag.

### How is the investment pool related to the Michigan Natural Resources Trust Fund?

The Michigan Natural Resources Trust Fund is a constitutionally established grant program funded by state mineral lease revenues. While the investment pool and the Trust Fund are operationally separate, they form a closed governance loop — revenues from extraction activities in the pool's mandate flow into the Trust Fund, which spends them on public recreation and conservation projects across the state.

### Who makes investment decisions for the pool?

The Bureau of Investments within the Michigan Department of Treasury manages the pool, under fiduciary oversight from the State of Michigan Investment Board. The investment board approves strategic asset-allocation ranges and major commitments; day-to-day acquisition and disposition decisions rest with the Bureau's Real Return and Opportunistic Division.

## Related profiles

- [Natural Investments](https://altss.com/profile/natural-investments-ni)
- [NatWest Group](https://altss.com/profile/natwest-group)

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Last updated: 2026-08-10T23:49:37.812Z

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