SO
State of Michigan Retirement System
Michigan, United StatesFounded 1929
The State of Michigan Retirement System (SMRS) includes venture capital as a key component of its private markets investment strategy, often targeting the technology sector and focusing on commitments to existing fund sponsors. Additionally, SMRS operates a Michigan Small Emerging Manager Program that allocates to venture capital to support emerging managers, aiming for strong returns and increased investment diversity.
67% of their portfolio is in Biotech & Life Sciences. Average disclosed round size is $191.0M (across 3 rounds with reported amounts).
Portfolio
3
Fund Size
—
Top Stage
Growth
Last 12 Mo
0
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
3 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Lila Sciences | Seed | $200M | Mar 2025 |
 Indigo Ag | Growth | $250M | Sep 2023 |
 Senda Biosciences | Series C | $123M | Aug 2022 |
Top Co-Investors
Flagship Pioneering3 shared
Lingotto Investment Management1 shared
Qatar Investment Authority1 shared
Alexandria Venture Investments1 shared
Longevity Fund1 shared
Mayo Clinic1 shared
General Catalyst1 shared
March Capital Partners1 shared
ARK Investment Management1 shared
Altitude Life Science Ventures1 shared
Blue Horizon1 shared
Abu Dhabi Investment Authority1 shared
Last updated: 10 April 2026