Michigan commits $70m to real estate funds
The Michigan Department of Treasury has committed a total of $70 million to four real estate funds on behalf of the $57.6 billion Michigan Retirement Systems, according to the system’s March 31 investment report.
An additional $40 million was committed to existing separate account MWT Holdings, which is managed by Simpson Housing for investment in and development of high-quality apartment properties.
The fund also committed an additional $15 million to Principal Separate Account, managed by Principal Real Estate Investors.
The fund’s existing manager, Paladin Realty Partners, received a $10 million commitment for co-investment in shares of a Brazilian office real estate investment trust through Paladin Realty Latin America Investors V.
Lastly, Michigan committed an additional $5 million to AEW Capital Management’s AEW Senior Housing Investors III, which f