State of Michigan Retirement Systems, investing on behalf of the Michigan Department of Treasury, has committed to Ardian’s latest infrastructure secondaries fund as part of a $1 billion splurge on alternatives.
The pension system committed $30 million to ASF VII Infrastructure B, according to a quarterly review produced by its investment advisory committee.
SMRS had previously committed $35 million to the $525 million, 2014-vintage ASF VI Infrastructure fund and made two commitments to co-investment side-vehicles in June 2014.
According to a December 2013 quarterly report from the pension, one of these was a $75 million commitment to AXA ASF Miller Co-investment, a fund raised expressly to acquire a secondary position in CCMP Capital Investors II, a $3.4 billion 2006-vintage buyout fund.
The second was a $45 million commitment to ASF Como Co-Investment, set up in June 2014 to acquire a limited partner interest in a European infrastructure fund.
ASF Infrastructure VII had raised $1.65 billion as of May, Secondaries Investor reported at the time, more than its $1.5 billion target. According to documents seen by this magazine, the fund counted on the support of 65 investors from 18 countries and was 14 percent committed as of June 2017.
Other investors in the fund include Dow and the European Investment Fund.
Michigan Department of Treasury has around $62 billion in assets, according to PEI data, 16 percent of which is allocated to secondaries.