Investors - MARCH 23, 2016

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Michigan commits $130m to four funds

by Zoë Wolff

The $60 billion State of Michigan Retirement Systems committed $130 million to four real estate funds in fourth quarter 2015, according to a recently released investment report.

The retirement system committed $50 million each to Rialto Real Estate Fund III, an opportunistic real estate debt fund managed by Rialto Capital Management, and TSP Value and Income Fund, a value-added U.S. property fund managed by Transwestern Investment Group; $20 million to Avanath II SMRS Co-Investment Fund, an affordable multifamily housing fund managed by Avanath Capital Management; and $10 million to M1 Westgate Co-Invest, a multifamily development fund managed by CIM Investment Advisors.

As of Dec. 31, 2015, the retirement system had a 9 percent target allocation to real estate; its actual allocation was 9.3 percent.

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