# State of Michigan

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

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** East Lansing, United States
- **Region:** North America
- **Address:** Lansing, MI 48922, United States
- **Founded:** 1837
- **Assets under management:** 110500 (Altss estimate)
- **Website:** michigan.gov/treasury
- **LinkedIn:** https://www.linkedin.com/company/michigan-department-of-treasury

## Regulatory record

- **Reports private funds:** No

## About

Michigan Department of Treasury acts as investment fiduciary and custodian. It manages investments for the State of Michigan Retirement Systems. These include the Public School Employees', State Employees', State Police, and Judges' Retirement Systems.

## Sectors

- Private Equity
- Real Estate
- Infrastructure
- Public Markets

## People

- Rachael Eubanks — State Treasurer and Chairman of the State of Michigan Investment Board
- Jon Braeutigam — Chief Investment Officer of the Bureau of Investments

## Questions

### Who runs investment decisions at State of Michigan?

Rachael Eubanks serves as State Treasurer and chairs the Investment Board. Jon Braeutigam acts as Chief Investment Officer of the Bureau of Investments.

### Does State of Michigan participate in fund commitments or only direct deals?

The fund makes both fund commitments and direct investments. Examples include commitments to Blackstone Capital Partners VIII and a $1 billion separate account for U.S. data centers.

### What asset classes does State of Michigan target?

Allocations include public equities, private equity at a 21.2 percent current weight, real estate, infrastructure, and insurance-linked securities such as natural catastrophe risk.

### Which regions does State of Michigan invest in?

The portfolio covers the United States and Nordic Region through holdings such as the SMP Data Center Account and Bulk Infrastructure Nordic Data Center co-investment.

### How is State of Michigan structured relative to external managers?

The Department of Treasury retains statutory fiduciary responsibility. External advisors include Barings, GCM Grosvenor, and PIMCO for specific mandates.

### What recent operational events has State of Michigan disclosed?

In December 2025 the Investment Board conducted its quarterly meeting in Lansing focused on asset allocation and private market commitments.

### Does State of Michigan maintain an emerging manager program?

Yes. The Michigan Small Emerging Manager Program totals $300 million and is co-managed by Barings and GCM Grosvenor.

## Related profiles

- [ASR Asset Management](https://altss.com/profile/asr-asset-management)
- [Service Benefit Plan Administrative Services Corp. Retirement Plan](https://altss.com/profile/service-benefit-plan-administrative-services-corp-retirement-plan)

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

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

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology