MI HB5922

Allows investment fiduciaries of public employee retirement systems with over $250 million in assets to invest up to 2% of system assets in small businesses or small business investment companies with more than half their assets or employees in Michigan.

Permits the state treasurer as investment fiduciary to exceed the 2% cap but not exceed 5% of system assets for the same small business investments.

Creates a new subsection allowing investment fiduciaries of systems with $15 million to $250 million in assets to invest up to 5% of system assets in small business investments, with a $100,000 limit per individual small business investment.

Allows retirement systems to create, own, and manage small business investment companies or venture capital firms focused on Michigan-based small businesses.

Permits fiduciaries to join with other public and private pension systems, financial institutions, and government agencies to invest in small businesses under these provisions.