It’s not the principle that some portion of a large pension fund should be invested in higher-risk, higher-return opportunities that I would question. When a public Michigan pension fund is investing in local real-estate deals within the state of Michigan, the potential for conflict of interest is very high.
I would be asking some very hard questions about the relationships between the people who control the pension funds and the developers.
The people that control the fund are Appointed by the Governor.
Then the Governor and his/her party’s Congress critters then blame the “greedy” pensioners when their Appointees carelessly throw that money into high risk investments like Movie Production.