Investors - JUNE 27, 2022

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Michigan Retirement System backs TPG, Asana Partners, Cerberus funds

by Kali Persall

The State of Michigan Retirement System’s Real Estate and Infrastructure Division’s (REID) strategy has disclosed three new commitments for the quarter ending March 30.

The commitments include $150 million to TPG Real Estate Partners IV, managed by TPG Real Estate IV Management; $100 million to Asana Partners Fund III, managed by Asana Partners; and $100 million in SFR CM, managed by Cerberus Capital Management.

TPG Real Estate IV is a closed-end, multi-sector real estate fund investing in North America and Western Europe. Asana Partners Fund III is a closed-end U.S. real estate fund concentrating in the retail sector. SFR CM is a separately managed account exclusively investing in the U.S. single-family rental market.

During the past year, the pension fund’s allocation to real estate increased by $689 million, according to minutes from Michigan’s June 23 board meeting. The pension fund has an 8.3-percent allocation to real estate and infrastructure.

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