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Ann Arbor Employees commits $6 million to venture capital fund

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Ann Arbor (Mich.) Employees’ Retirement System committed $6 million to Arboretum Ventures Fund VI.

The $659 million pension fund’s board approved the commitment to the multistage health care venture capital fund at its March 17 meeting, said Wendy Orcutt, executive director.

The pension fund previously committed $8 million to Arboretum Ventures V in 2019.

As of Dec. 31, the pension fund’s actual allocation to private equity was 5.6%; the target is 7%.

Investment consultant AndCo Consulting assisted.