State of Michigan commits $150m to Coller

The State of Michigan Retirement Systems has committed $150 million to Coller International Partners VII during the second quarter, according to a September report from the pension plan’s investment advisory committee.

The $61.7 billion pension plan is an existing investor in Coller Capital’s funds. It previously contributed to Coller International Partners IV, Coller International Partners V and Coller International Partners VI.

In the 12 months ended 30 June, the State of Michigan Retirement Systems’ private equity division returned more than 12 percent, or $1.4 billion net of contributions, according to the document that was released in September.

It noted in its report that its private equity division has been evaluating co-investments and secondaries opportunities to enhance returns and to average down fees. The private equity division is so far tilted toward buyouts, with more than half of the $9.9 billion programme, or $5.5 billion invested in funds following that strategy. The State of Michigan Retirement Systems is also committed to several HarbourVest funds including HarbourVest Dover Street VIII.

London-based Coller held a first close on Coller International Partners VII in July with $3.1 billion, Secondaries Investor previously reported. The fund is targeting $5.5 billion and has a hard-cap of $6.5 billion.

Other investors in the fund include Louisiana Municipal Police Employees’ Retirement System, Louisiana State Employees’ Retirement System and Fubon Financial.