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State of Michigan Treasury
State of Michigan Treasury manages over $100 billion in public employee retirement funds and state investments under Treasurer Rachael Eubanks.
State of Michigan Treasury
The Michigan Department of Treasury, led by State Treasurer Rachael Eubanks, oversees the state's fiscal and investment operations, including the Michigan Public Employee Retirement Systems (MPSERS) and other trust funds. The Treasury's origins trace to the state's 1835 constitution, but its modern investment function gained structure with the creation of the Bureau of Investments in 1970. While not a single-family office or private firm, the Treasury functions as a large institutional allocator with a public mission. Investment strategy spans multiple asset classes: public equities, fixed income (both domestic and international), private equity, real estate, infrastructure, and alternative investments. The Treasury typically uses a combination of internal management for liquid assets and external fund managers for private markets. Publicly known commitments include large private equity fund-of-funds programs and direct co-investments in infrastructure projects, though specific deal names are not generally disclosed. Geographic exposure is global, with a bias toward North America. Scale is substantial: the combined pension and trust funds under management are estimated over $100 billion (Altss estimate). The Treasury's investment team includes analysts and portfolio managers across asset classes, supported by a larger administrative staff. The Michigan Department of Treasury has no public ancillary philanthropic or operating-company vehicles; its sole mandate is the prudent management of state funds. In recent years, the Treasury has increased its focus on private credit and infrastructure as part of a portfolio diversification push (per public record, 2024). The key structural differentiator of the Michigan Treasury is its dual role as both a tax-collection agency and a large-scale institutional investor, with investment decisions made under state statute and public accountability. Allocation decisions are subject to oversight by the Michigan Investment Board and the governor's fiscal team — a governance framework that differs sharply from private funds. This public mandate also imposes transparency requirements for some investments.
General information
Firm type
Public Pension Fund
Year founded
—
AUM
Over $100 billion (Altss estimate)
Location
Region
North America
Country
United States
City
Lansing
Corporate office
Lansing, Michigan, United States
Principals
Rachael Eubanks
State Treasurer
Jon M. Braeutigam
Deputy Treasurer – State & School Finance
Anthony M. Moody
Deputy Treasurer – Retirement & Benefits
Dale Farnham
Deputy Treasurer – Financial & Administrative Services
Sector focus
Frequently asked questions
Who oversees the Michigan Treasury's investment decisions?
Rachael Eubanks serves as State Treasurer, appointed by the governor. The Bureau of Investments, part of the Treasury, handles day-to-day portfolio management. Major allocation changes require approval from the Michigan Investment Board, which includes the governor, state officials, and public appointees (per state statute).
What is the Michigan Treasury's investment strategy?
The Treasury maintains a diversified portfolio of public equities, fixed income, private equity, real estate, infrastructure, and hedge funds. The allocation between asset classes is reviewed periodically and adjusted based on market conditions and liability needs. A significant portion of the portfolio is managed internally, with external managers used for private markets.
Does the Michigan Treasury make direct investments or only fund commitments?
The Treasury uses both approaches: it commits to external private equity and real estate funds, and also pursues direct co-investments and separate accounts, particularly in infrastructure and real assets. Direct holdings are less common in public equities, which are largely managed internally.
How does the Michigan Treasury's governance differ from a private family office?
As a state government entity, the Treasury operates under public transparency laws, with investment decisions subject to legislative oversight and board approval. Its primary fiduciary duty is to Michigan's public employees and taxpayers, rather than a single family. This adds layers of compliance and reporting not seen in private allocators.
What is the relationship between the Michigan Treasury and the Michigan Public School Employees' Retirement System (MPSERS)?
The Treasury manages investments for MPSERS along with other state retirement systems and trust funds. MPSERS is the largest single pool, covering teachers and school employees. The Treasury's Bureau of Investments handles the allocation across these pooled assets.
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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