# State of Michigan Investment Board

State of Michigan Investment Board is a Pension Fund based in East Lansing, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** East Lansing, United States
- **Region:** North America
- **Address:** East Lansing, United States
- **Assets under management:** $110.5B (Altss estimate)

## Regulatory record

- **Reports private funds:** No

## About

The State of Michigan Investment Board manages public defined-benefit pension assets. Board members include Rachael Eubanks as chair along with Denise Ilitch, Reginald Sanders, and Dina L. Richards. Allocations span commercial and residential real estate through Lone Star Real Estate Fund, Avanath Multifamily Vehicle, Transwestern Strategic Partners Fund IV, and Principal Real Estate Investors Fund. Additional exposures include global infrastructure, a passive commodities portfolio, ARK 21Shares Bitcoin ETF, and Grayscale Ethereum Trust. Geographic reach covers the United States and international markets. The board structure draws members with ties to other Michigan institutions, including the W.K. Kellogg Foundation and Trinity Health. No additional offices or adjacent vehicles are recorded in available data.

## Sectors

- Real Estate
- Infrastructure
- Commodities

## People

- Rachael Eubanks — Chair
- Denise Ilitch — Board Member
- Reginald Sanders — Board Member
- Dina L. Richards — Board Member

## Questions

### Who chairs the State of Michigan Investment Board?

Rachael Eubanks serves as chair and is also Michigan State Treasurer.

### What asset classes appear in the portfolio?

Holdings include commercial real estate, multifamily residential, mixed-use properties, infrastructure, commodities, and cryptocurrency ETFs.

### Does the board commit to external funds or hold direct assets?

The portfolio includes commitments to external vehicles such as Lone Star Real Estate Fund and Principal Real Estate Investors Fund.

## Related profiles

- [UniCredit Private Banking](https://altss.com/profile/unicredit-private-banking)
- [New York Life Investment Management](https://altss.com/profile/new-york-life-investment-management)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/state-of-michigan-investment-board

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