# State of Michigan Retirement Systems

State of Michigan Retirement Systems 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, MI, United States
- **Founded:** 1942
- **Assets under management:** Undisclosed
- **Website:** michigan.gov/ors
- **LinkedIn:** https://www.linkedin.com/company/michigan-department-of-treasury

## Regulatory record

- **Reports private funds:** No

## About

State of Michigan Retirement Systems manages retirement programs for state employees, public school employees, judges, state police, and National Guard members. The firm has made 11 investments, including a Series D investment in GROPYUS on March 02, 2026. State of Michigan Retirement Systems has 4 portfolio exits, with EcoSynthetix being the most recent on August 04, 2011.

## Sectors

- Private Equity
- Real Estate
- Infrastructure
- Private Credit
- Hedge Funds
- Energy Transition & Renewables

## People

- Jase Bolger — Director

## Questions

### Who oversees investment decisions for the State of Michigan Retirement Systems?

Investment decisions are centralized within the Michigan Department of Treasury's Bureau of Investments, led by a Chief Investment Officer who reports to the State Treasurer. The State Treasurer, currently Rachael Eubanks, is the constitutional officer responsible for overall fund stewardship. The role of CIO has historically been held by professionals recruited from other large public funds or private sector asset management.

### How does SMRS source its private equity and venture capital deal flow?

SMRS sources private market opportunities primarily through long-standing relationships with institutional general partners, supplemented by a dedicated co-investment program that reviews deals alongside those GPs. The fund also operates a Michigan-focused in-state investment initiative that targets local venture and growth-stage companies, often in partnership with regional fund managers.

### What is the fund's allocation to alternative assets?

While specific policy targets are adjusted periodically via public board meetings, SMRS has historically maintained one of the larger alternative asset allocations among US public pension funds, with significant commitments to private equity, real estate, infrastructure, and absolute return strategies. The actual allocation levels are disclosed in the system's Comprehensive Annual Financial Report.

### Does SMRS invest directly in companies or only through funds?

SMRS invests through both primary fund commitments and direct co-investment vehicles. The co-investment program targets equity and structured capital opportunities sourced through existing fund managers, allowing the system to increase exposure to specific assets while reducing overall fee drag.

### How are the pension system's assets protected from political influence?

The system operates under a statutory framework that assigns fiduciary responsibility to the State Treasurer and the investment staff. However, governance is inherently political to some degree — the Treasurer is an elected or appointed constitutional officer, and the board that oversees certain plan provisions includes political appointees, meaning the system's posture can shift with state election cycles.

### What is the in-state investment program?

Michigan runs an in-state investment allocation designed to channel a portion of pension capital into Michigan-headquartered companies and funds. The program functions as both an economic development tool and a portfolio diversifier, targeting venture-stage and growth-equity businesses within the state.

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

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