Welcome to More Equity. Today, we’re bringing you a new episode from our Harlem Capital Limited Partner Series — connecting with Harlem Capital LPs to share insights on navigating the VC fundraising journey.

In today’s episode, we speak with Travis Haney & Ryan Rathman from the State of Michigan Department of Treasury. The State of Michigan manages a $100 billion pension fund which invests the retirement funds for Michigan public employees. Travis & Ryan, who focus on private equity and alternative investments, share insights from managing the portfolio, which has been investing in venture capital since 1983.

Tune in as Jarrid, Travis, and Ryan discuss how the pension landscape has evolved its views on VC, the benefits of having a pension fund on your cap table, and advice for emerging managers going through their first market cycle.