The Michigan Bureau of Investments, which oversees investments for the State of Michigan Retirement Systems, has invested $50m (€44m) in two separate residential portfolios in Amsterdam.
The equity was part of a €76m joint venture with Orange Capital Partners.
The investment is Michigan’s first in the Dutch residential sector.
The portfolio includes 400 rented residential units and 12 retail units across 24 buildings.
Michigan, represented by Heitman, made the investment as part of $400m in new real estate commitments.
One of these was a $25m allocation to the Clarion Gables Multifamily Trust, formed and managed by Clarion Partners in March of this year.
Clarion had spent approximately $3.2bn to acquire Lion Gables Apartment Fund and change it to Clarion Gables Multifamily Trust.
The new company owns and manages US apartments in Boston, Denver, Atlanta and Southern California.
The company will be growing the portfolio through the development.
Michigan made two $100m investments into debt funds, investing in the Invesco Mortgage Recovery Fund II and TPG Real Estate Finance Trust.
One of Michigan’s new commitments, a $25m allocation to the Paladin Latin America IV CI co-investment vehicle, targets investment opportunities in Latin America.
Paladin is looking to raise $250m of equity, to which the California State Teachers Retirement System has made a $75m allocation.
Latin America IV will invest in the housing market through joint ventures targeting the rapidly growing middle-class population and the demand for affordable housing in Brazil, with additional investment in commercial properties.
Michigan has also allocated $75m to the Lubert-Adler Real Estate Fund VII, a $600m opportunity fund targeting US investments.
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