Michigan Retirement Systems commits $100m to real estate funds
The Michigan Department of Treasury, Bureau of Investments, committed $100 million to two real estate funds in the quarter ended June 30 on behalf of the $58.7 billion Michigan Retirement Systems, East Lansing, according to its quarterly investment reports for 2017.
The two commitments include $50 million each to Avanath Affordable Housing III, managed by Avanath Capital Management, and Rialto Real Estate Fund III-Property, managed by Rialto Capital Management.
Avanath Affordable Housing III, launched in mid-2016, is a value-added fund that follows a similar strategy to that of its predecessor, Avanath Affordable Housing II, which targets affordable and workforce housing assets across the United States, specifically apartment communities.
Fund II held a final close of $200 million in July 2015. Avanath Afford