Mich. Comp. Laws § 38.1139a
This is the official text of Mich. Comp. Laws § 38.1139a, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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State treasurer as investment fiduciary; investments in private equity; limitation; investment fiduciary not state treasurer; limitation.
Official statutory text
Sec. 19a.
(1) If the investment fiduciary is the state treasurer, investments in private equity shall not be more than 30% of the system's total assets. If the investment fiduciary is not the state treasurer and the system has assets of $1,000,000,000.00 or more, investments in private equity shall not be more than 10% of the system's total assets. An investment fiduciary described in this subsection may invest not more than an additional 5% of the system's assets in Michigan private equity only.
(2) An investment fiduciary of a system that has assets of $250,000,000.00 or more but less than $1,000,000,000.00 shall not invest more than 5% of the system's assets in Michigan private equity. An investment fiduciary may otherwise invest in private equity under section 20d.
History: Add. 2008, Act 425, Imd. Eff. Jan. 6, 2009; Am. 2012, Act 347, Eff. Mar. 28, 2013
(1) If the investment fiduciary is the state treasurer, investments in private equity shall not be more than 30% of the system's total assets. If the investment fiduciary is not the state treasurer and the system has assets of $1,000,000,000.00 or more, investments in private equity shall not be more than 10% of the system's total assets. An investment fiduciary described in this subsection may invest not more than an additional 5% of the system's assets in Michigan private equity only.
(2) An investment fiduciary of a system that has assets of $250,000,000.00 or more but less than $1,000,000,000.00 shall not invest more than 5% of the system's assets in Michigan private equity. An investment fiduciary may otherwise invest in private equity under section 20d.
History: Add. 2008, Act 425, Imd. Eff. Jan. 6, 2009; Am. 2012, Act 347, Eff. Mar. 28, 2013
Status: in_force · Read it on the official government site
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