State of Michigan Retirement System (SMRS)
Public pension plan
State of Michigan Retirement System (SMRS) reports 105 venture funds, $3.2B in all.
Holdings are from its report as of December 31, 2025.
Updates from State of Michigan Retirement System (SMRS)
All of State of Michigan Retirement System (SMRS)’s updates on Hottub VC
Largest venture holdings
From its report as of December 31, 2025.
| Fund, as reported | Manager | Vintage | Market value |
|---|---|---|---|
| Khosla Ventures VI, LP | Khosla Ventures | — | $252M |
| Flagship Pioneering VI, LP | Flagship Pioneering | — | $243M |
| Insight Venture Partners X, LP | Insight Partners | — | $165M |
| Insight Partners XII, LP | Insight Partners | — | $154M |
| Flagship Pioneering Fund VII, LP | Flagship Pioneering | — | $153M |
In the app: 100 more venture funds, 18 funds of funds. Open State of Michigan Retirement System (SMRS) in LP Intelligence for every fund it holds and how to reach it, or find the LPs that back firms like yours.
Recent commitments
| Date | Fund, as published | Manager | Commitment | Source |
|---|---|---|---|---|
| March 25, 2026 | Green Equity Investors X, LP | — | $150M | Document |
| March 25, 2026 | Lead Edge Capital VII, LP | — | $100M | Document |
| March 25, 2026 | Ledge Light Holdings, LLC | — | $50M | Document |
| March 25, 2026 | Accel Leaders 5, LP | Accel | $35M | Document |
| December 17, 2025 | Advent International GPE XI SCSp | — | $150M | Document |
| December 17, 2025 | Khosla Ventures IX, LP | Khosla Ventures | $50M | Document |
| December 17, 2025 | TPG Healthcare Partners III, LP | — | $50M | Document |
| December 17, 2025 | TPG Partners X, LP | — | $50M | Document |
| December 17, 2025 | Menlo Ventures XVII, LP | Menlo Ventures | $20M | Document |
| December 17, 2025 | Menlo Inflection IV, LP | — | $15M | Document |
| December 17, 2025 | Khosla Ventures Opportunities III, LP | Khosla Ventures | $12M | Document |
| December 17, 2025 | Khosla Ventures Seed G, LP | Khosla Ventures | $12M | Document |
The latest 12 of 18 commitments from the last 24 months to private equity and venture funds, as State of Michigan Retirement System (SMRS) published them. Dates are the day the plan gives. Amounts are commitments as the plan reports them. What this plan publishes · every plan’s recent commitments.
LPs nearby
Within 100 miles, by city: a trip to one can take in the others.
- The Isabel Foundation
- Ruth Mott Foundation
- Charles Stewart Harding Foundation
- Scheb Foundation
- Weiser Charitable Foundation
- The Martin Family Foundation
- Herrick Foundation
- The Wadhams Family Foundation
31 LPs within 100 miles in all: see them on the map.
How to submit
Emerging-manager program: Michigan Small Emerging Manager Program, run by Barings and GCM Grosvenor.
In its words: “A $300 million SMRS program that "invests across small and emerging manager fund, co-investment, and secondary opportunities", including private equity buyouts, growth equity, and venture capital; it prefers "Michigan-based investment managers, assuming they can achieve market rates of return." The program's site is www.msemprogram.com.”
Read from its own pages on October 19, 2026: michigan.gov/treasury/about/news/2021/02/25/whitmer-admin…, barings.com/en-us/guest/content/michigan-small-emerging-m…. Programs change; its site is the record.
About this data
Holdings as this LP reports them, fund by fund. Amounts are the market value it reports for each holding; the report gives no commitments. As of December 31, 2025. Source: State of Michigan Investment Board Report: SMRS Private Equity, Net Market Value by Entity. Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.
The State of Michigan Investment Board lists each private equity entity with only two amounts, an "Adjusted Reported Value" (shown here as the market value, in whole dollars as printed) and an "Unfunded Commitment" (not shown). It reports no commitment amount, contributions, distributions, vintage year, multiple or IRR per fund, so committed, paid-in, distributed, total value, IRR, TVPI and DPI are blank; nothing is derived or estimated. The report does not define how the reported value is adjusted. Every entity in the Private Equity table is included as classified by the Board (buyout, growth, venture, secondaries, co-investment and separate-account vehicles); the Real Estate and Infrastructure, Real Return and Opportunistic, and Absolute Return tables are not imported. The entities add up to the Board's printed Total of $24,750,150,762 reported value and $7,378,170,291 unfunded; its "Short Term Investments and Other" and "Income Accruals" lines are not funds and are left out. 4 entities are marked by the Board as new commitments made during the quarter.
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