State of Michigan Investment Board has approved $144.4m (€126.1m) capital investment into real estate and infrastructure strategies, according to a board meeting document.
The investment board, responsible for the investments of the $73.1b State of Michigan Retirement Systems, has approved a $44.4m committment into a Principal Real Estate Investors separate account, $50m into TPG Real Estate’s third opportunity fund and $50m into Ridgewood Infrastructure’s water and strategic infrastructure fund.
The amount invested into Principal Separate Account will be used to develop a four-story 125,000sqft office building in Sunnyvale, California.
TPG Real Estate Partners III targets value-add and operational-turnaround opportunities.
IPE Real Assets reported in July this year that TPG’s third opportunity fund, which was seeking to raise $3bn, had exceeded its target.
The Ridgewood Water & Strategic Infrastructure Fund targets water-related infrastructure investments in North America. Most of the capital will be invested in opportunities in the US.
No comments yet